Swiss Alps Energy Takes Crypto Mining to Alpine Heights
Swiss Alps Energy wants to use empty buildings in the Swiss Alps to create cost-effective and eco-friendly mining centers.
Bitcoin mining consumes massive amounts of energy. It requires more energy than the Republic of Ireland and produces 20 megatons of CO2 emissions, which is comparable to the impact of one million transatlantic flights, according to The Guardian. The carbon footprint of this energy-intensive process and its growing electricity bills are considered among the toughest issues faced by the cryptocurrency community. Miners around the world are in search of solutions that would make the industry more sustainable and ensure its long-term development.
With that in mind, Swiss Alps Energy AG (SAE) has devised a plan to deploy mining equipment in thousands of empty premises across the Swiss Alps to reduce both power consumption and mining costs. The innovative system developed by the company allows installing blockchain infrastructure in abandoned old buildings once used for farming. The flexible modular mining blocks – the so-called Swiss Alps Mining (SAM) cubes – are constructed from pre-fabricated structures and are connected to a central platform that monitors their performance and defines optimal parameters for maximizing profit. SAM cubes are self-contained and can run automatically.
At high altitudes, the boiling point of water is much lower, which means the mining cubes will consume less energy. Another favorable aspect is low outside temperatures, so this natural cooling option will make additional air conditioning systems unnecessary. Apart from that, the company offers the innovative Organic Rankine Cycle (ORC) system, which will generate electricity from the waste heat of industrial processes and mining itself. These factors will allow a drastic reduction in energy consumption and improve mining profitability.
There is another reason to deploy mining facilities in Switzerland. This country is famous for its open-arms approach to blockchain technologies and digital assets. Moreover, Switzerland has a long tradition of using hydropower. It is a renewable, cheap, and reliable source of energy, thus perfect for mining processes. Currently, there are over 1,400 small hydropower plants for sale in Switzerland. By purchasing these facilities, SAE will create a decentralized power supply system and become a game-changer in the mining industry.
SAE will allow individuals and businesses to buy or rent SAM cubes. Purchased units can be deployed and operated either in the Swiss Alps or elsewhere. The company estimates the potential return on investments at 360% in three years of operation. SAE customers will get access to the SAM Smart Mining network, or SamaiX – an AI-based solution that tracks mining results and continuously identifies the coins most profitable to mine. The system makes suggestions to miners so that they can adjust their operation accordingly.
SAE put its first SAM cube to work in February 2018. Currently, the company is looking for vacant houses to start renting cubes in the coming months. At the end of the year, the units will be available for sale.
The company launched the private sale in May. The public initial coin offering starts in June, with 311 million SAM tokens to be issued. They will be compatible with the ERC20 standard and available for purchase with BTC and ETH. The hard cap is set at $96 million across all crowdfunding stages.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.