TL;DR
Cryptocurrency mining has an environmental cost. A new blockchain mining project (Foleum) generates its own green power and uses it to mine crypto. FOL Token holders get a cut of the profits. This is a neat way for the environmentally conscious to benefit from mining.
Crypto mining and the environment
Cryptocurrency miners use their computer power to validate transactions. However, this is incredibly energy intensive. Worldwide, Bitcoin mining is currently estimated to use around 71 TWh per year, equivalent to the average electricity consumption of over 6.5 million Americans, or, put another way, the annual electricity consumption of Ireland! And this is just for to mine Bitcoin, let alone other cryptocurrencies.
Since much of this energy is derived from non-renewable resources (the burning of which results in carbon emissions), there is clearly there is an environmental cost to mining Bitcoin. Large-scale mining farms are turning to technologies such as hydropower; the cynic in me presumes this is mainly based on financial rather than moral grounds, but the outcome is generally positive for the environment. Furthermore, as individuals engaging in mining using our personal hardware, we can reduce the environmental footprint of our mining by electing to use an electricity provider that offers energy generated through renewable resources.
Enter Foleum
A green mining alternative for the environmentally aware is being launched by an innovative blockchain mining initiative, Foleum. To power its mining data centres, Foleum generates most of its electricity through its own green hybrid technologies (wind and solar). This means that not only is Foleum's mining largely environmentally sustainable, but it also comes at a substantially reduced operational cost.
Rather than acting as a mining pool, where members donate their processing power in exchange for a cut of mined tokens, Foleum will be issuing ERC-20 tokens (FOL), that represent a stake in Foleum's mining proceeds. For as long as you own your FOL crystal, you will get up to 60% of the profits paid out daily in other cryptocurrencies mined by the project, including ETH, BTC, ZEC and others. FOL holders also have a voice in the project, via voting.
As a crypto enthusiast and environmentalist, I'll be watching this one closely!
Check out Foleum's website, whitepaper, roadmap, Twitter, and Telegram.
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