Crypto miners are not usually associated with the British countryside. However, one farmer is working to change all that. He is turning his farm into an environmentally friendly method of scouring the digital sphere for coins.
Hi-tech cryptocurrency mining activities need computers to work continuously, consuming lots of power. This is used to solve complex data problems and mint some new virtual coins.
Josh Riddett, 30, a businessman heading the Bury-based crypto mining company Easy Crypto Hunter has managed to resolve another challenge. He is setting up a mining rig that will minimize the miners’ energy bills.
The British businessman has been setting up sites where cow manure is used to create some energy through anaerobic digestion. The method creates methane which runs electricity generators.
Mr. Riddett’s firm caters to the needs of the so-called crypto whales, who are major crypto owners and high-net-worth individuals. These investors have paid to run machines round the clock to rake in continuous profits from Ravencoin and Ethereum. These coins have soared in value in the last 12 months but did not need a lot of energy to unlock like bitcoin. Riddett said:
“The machines are capable of mining hundreds of different digital currencies. We don’t mine bitcoin because we find the rewards are far greater from the other currencies which are more profitable and more energy efficient.”
Every working computer can offer profits of about £30,000 ($54,770) per year with a chunk of those gains made in the last 12months. Ethereum (ETH) has managed to surge by 901% while Ravencoin has gained 183%.
Cryptos like Bitcoin work continuously, and their adoption is believed to play an integral role in the future of money. The farmers with renewable energy sources can their clean power to the National Grid for about 4-7 pence per kilowatt-hour. However, they earn nearly ten times that while running crypto mining machines, according to Mr. Riddett.
Phil Hughes uses manure from his beef and sheep farm in Corwen, Denbighshire, to power several computers that are mining new cryptos. He mentioned:
“It is a profitable enterprise – we’ve had a good return, and it’s a bit of fun, a curiosity. It’s a lot easier to run a computer than a herd of cows or a flock of sheep, and you don’t have to wake up at five in the morning.”
Cryptos, mostly bitcoin, has always been criticized for their high energy consumption. However, using renewable energy to mine the coins has helped minimize the issue.
Mr. Riddett said that mining cryptocurrency did not have to be detrimental to the environment. He said:
“It sounds wild but farmers can plug in some fancy computers in their barn and get paid a passive income from it… Effectively farmers are turning their barn or cattle shed into a mini-data center and getting paid for renting out their computer processing power.”