Green Cryptocurrency Systems Lessens Energy Demands Of Proof Of Work Systems

 - FinancialNewsMedia.com News Commentary -

PALM BEACH, Fla., Aug. 5, 2021 /PRNewswire/ -- Cryptocurrency… Mining… Blockchain Technology… Even though these terms have been added to the global dictionary in the last several years not many really have a grasp on what they are, and how they do what they do... or how much energy they use! Cryptocurrency is an encrypted decentralized digital currency. Mining is the process of confirming cryptocurrency transactions and adding them to the public ledger (blockchain). The Blockchain is a distributed, cryptographically signed public ledger that stores transaction data across multiple computers(nodes). To add a transaction to the ledger, the "miner" must solve a complex computational problem. Blockchain Miners are the backbone of the cryptocurrency network and going green has never been more essential. The use of blockchain technology is growing at a rapid rate, leading to soaring energy consumption. Blockchain technology is secured and maintained by a vast network of globally distributed computers (Miners) to solve increasingly-complex computational problems. The processing of these transactions requires extensive power consumption.   An article on NBCNews's site addressing these issues added: "And so, any cryptocurrency built on a proof of work protocol is going to be plagued by, as Musk put it, "insane" energy demands as it scales larger. The Cambridge Center for Alternativve Finance, a part of the Cambridge Judge Business School, found that bitcoin uses about 110 terawatt-hours per year, which is similar to what Malaysia and Sweden use.  The better way is called proof of stake. And for some cryptocurrencies, it's already in use."  Active Companies in the markets today include The OLB Group, Inc. (NASDAQ: OLB), Riot Blockchain, Inc. (NASDAQ: RIOT), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Canaan Inc. (NASDAQ: CAN), NVIDIA Corporation (NASDAQ: NVDA).

Because the basis of proof of stake doesn't require any extra energy to prove trustworthiness, it is much more energy efficient. Unlike in proof of work, where specialized computing equipment like high-end graphics cards are needed, the proof of stake protocol can be run off of a laptop.  As a result, participating in the "mining" process has a much lower barrier to entry, meaning that more people can participate in the process. And given that a core principle of cryptocurrency is decentralization, having more people participating in securing the blockchain helps secure the whole system.  The whole process uses marginally more energy than a computer would if it was just on. Researchers like Ryan believe that the result is that energy consumption for proof of stake is 99.99 percent lower than proof of work.

The OLB Group, Inc. (NASDAQ: OLB) BREAKING NEWS:  OLB Group Subsidiary DMint Ramps Up Green Cryptocurrency Mining - Subsidiary intends to bring approximately one thousand net-zero carbon miners online this year; Company plans to expand to 24,000 miners over the next 24 months - The OLB Group, Inc., a provider of cloud-based omnicommerce and payment acceptance solutions for small- and mid-sized merchants, announced DMint, Inc, a wholly-owned subsidiary of OLB ("DMint"), is planning to bring approximately one thousand cryptocurrency mining machines online this year operated by zero carbon footprint data centers.

OLB has entered into an exclusive agreement to purchase all-natural gas yield from wells in Bradford, PA through Cai Energy Blockchain. The terms of the agreement enable DMint to become a vertically integrated cryptocurrency mining company. The environmental impact footprint of the cryptocurrency mining operation will be close to zero as the natural gas will be taken directly from the well heads to generate electricity.

"DMint is an integral part of OLB's multi-stage strategy to empower our merchants with enhanced services, which today include access to capital and expanded crypto commerce services that help them compete and stand out in any market," said Ronny Yakov, Chief Executive Officer at the OLB Group. "We have taken an aggressive position with cryptocurrency and underlying blockchain technology in our omnicommerce platforms. We believe that cryptocurrency will have a major impact in the payment industry and want to be at the forefront of the industry as it adopts acceptance of cryptocurrencies. We are committed to grow with this market, and are looking to add other capabilities and services that will expand crypto commerce access for our merchants."

DMint has initiated the first phase of the cryptocurrency mining operation by placing purchase orders for data centers and ASIC-based Antminer S19J Pro mining computers specifically configured to mine Bitcoin. The first lot of equipment will be used to establish a proof of concept before DMint expands the number of computers in operation. As configured, it is expected that the computers purchased will have a combined computing power of approximately 100 petahash per second. Based on the mining profitability rate as of today, assuming a mining operation working at 100 petahash per second would generate $1 Million monthly recurring revenues expected starting in Q4, 2021.

If the initial mining operation results are as anticipated, DMint plans to expand the number of mining computers every quarter, whereby it would potentially have the computing power of 500 petahash per second by the end of 2022. 

DMint plans to continue to leverage Cai Energy's breadth of experience in gas operations and acquisitions to ensure consistent delivery of natural gas necessary to produce electrical power for its cryptocurrency mining operations as they are expanded.

"Cryptocurrency mining consumes electricity at rates that exceed the available capacity of the traditional power grid," said Bessie Cai, Chief Executive Officer of Cai Energy Blockchain. "DMint will have access to sufficient natural gas to produce the 100MW of electricity necessary for the initial data centers, and Cai Energy has already secured up to 1000MW of electricity capacity for further expansion."  CONTINUED…  For more information about The OLB Group, please visit https://olb.com/ or http://olb.com/investors-data/.

Other recent developments in markets include:

Riot Blockchain, Inc. (NASDAQ: RIOT) one of the leading Nasdaq-listed Bitcoin mining companies in the United States, recently announced its June production and operations updates, including its unaudited Bitcoin ("BTC") production for June 2021 and its miner deployment status.

Production and Operations Updates Were: In June 2021, Riot produced 243 BTC, an increase of approximately 406% over its June 2020 production of 48 BTC; Year to date through June 2021, the Company produced a total of 1,167 BTC, an increase of approximately 130% over its pre-halving BTC production during the same 2020 period of 508 BTC; As of June 30, 2021, Riot held approximately 2,243 BTC, all of which were produced by its mining operations; and The exodus of Bitcoin mining from China has resulted in a downward difficulty adjustment and lower global network hash rate. As such, Riot is currently mining more Bitcoin per day than at any time in the Company's history. While it is broadly expected that many Chinese miners will eventually relocate, the Company estimates that it could be quite some time before the global Bitcoin mining hash rate returns to its previous high of 180 exahash per second ("EH/s"), last observed earlier this year.

Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of the largest enterprise Bitcoin self-mining companies in North America, recently published unaudited bitcoin ("BTC") production and miner installation updates for July 2021.

Corporate Highlights as of August 1, 2021 Were: Produced 442.2 new minted bitcoins during July 2021, increasing total bitcoin holdings to approximately 6,225.6 with a fair market value of approximately $260.7 million; Cash on hand was approximately $91.9 million and total liquidity, defined as cash and bitcoin holdings, was approximately $352.6 million; Received approximately 19,401 S19 Pro ASIC miners from Bitmain year to date with an additional 4,287 S19 Pro ASIC miners currently in transit; Successfully completed scheduled maintenance and upgrades to the Company's existing mining fleet as well as the annual inspection of facilities; Existing mining fleet consists of 19,395 active miners producing 2.09 EH/s; and On August 1, 2021, announced the purchase of an additional 30,000 S19j Pro miners from Bitmain, which is expected to increase Marathon's mining operations to approximately 133,000 miners producing approximately 13.3 EH/s once all miners are deployed.

Canaan Inc. (NASDAQ: CAN) a leading high-performance computing solutions provider, recently announced that it has received from HIVE Blockchain Technologies Ltd. ("HIVE") a purchase order (the "Order") for 4,000 bitcoin mining machines with an aggregate operating hash power of 272 Petahash per second ("PH/s"). According to the terms of the Order, the Company will deliver the mining machines in two tranches over the next 60 days, including 2,000 machines in August 2021 and 2,000 machines in September 2021.

This order is an addition to HIVE's previous order placed earlier this year for 6,400 Canaan AvalonMiner 1246 Miners with an aggregate operating hash power of 576 PH/s.

NVIDIA Corporation (NASDAQ: NVDA) recently launched TensorRT 8 the eighth generation of the company's AI software, which slashes inference time in half for language queries -- enabling developers to build the world's best-performing search engines, ad recommendations and chatbots and offer them from the cloud to the edge.

TensorRT 8's optimizations deliver record-setting speed for language applications, running BERT-Large, one of the world's most widely used transformer-based models, in 1.2 milliseconds. In the past, companies had to reduce their model size, which resulted in significantly less accurate results. Now, with TensorRT 8, companies can double or triple their model size to achieve dramatic improvements in accuracy.

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