Candela Coin is a cryptocurrency that allows holders to take part in the first ever decentralized blockchain based peer-to-peer transactive solar energy system. People across the globe will be able to transfer solar energy to others in their communities using Candela coin as a medium of exchange.
Candela Coin recently came up with a new development. They have developed a solar powered method for mining cryptocurrency. Not only would this method be eco-friendly, but it would benefit the environment. It would provide eco-incentives to mine cryptocurrency. Cryptocurrency mining has recently come under attack by the mainstream media. The large quantities of power that is required to mine cryptocurrency can severely damage the environment since the energy is coming from a grid powered by fossil fuels.
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Going solar can reduce demand for fossil fuels, limit greenhouse gas emissions, and shrink the carbon footprint. One home installing a solar energy system can have a measurable effect on the environment. According to the U.S. Energy Information Administration, the average home with solar panels in Connecticut uses 8,288 kilowatt-hours (kWh) of electricity per year. Switching from fossil fuels to solar power in the state has the same emissions reduction effect as planting around 150 trees every year.
Candela’s protocol relies on solar energy being the source of energy. By using a 100W photovoltaic panel, the output would be enough kWh to generate the computing power necessary for cryptocurrency mining, all the wile reducing carbon emissions, air pollutants, and providing eco-incentives to cryptocurrency miners. This method will require an ASIC configuration or GPU. Candela Coin CEO Avi Shane Verdugo said, “To put it clearly, following our protocol would mean the more cryptocurrency that is mined, the more our carbon footprint shrinks. Mining cryptocurrency would actually help the environment. Miners would be incentivized to to produce more solar energy so they could generate more computing power and mine more crypto.”
