VenusEnergy (VENUS)

We believe that the use of renewable energy sources in blockchain mining is a step towards a cleaner world.

Review Score
4.10/5
ICO Price
0.008578 USD
0.000043 ETH
Pre ICO Price
0.008578 USD
0.000043 ETH
Soft Cap
N/A
Hard Cap
N/A
Pre ICO Start Date
1 February 2018
Pre ICO End Date
1 March 2018
Start Date
1 June 2019
End Date
31 August 2019

What is VenusEnergy?

Bitcoin is a decentralized digital currency. It was invented by an unknown programmer or a group of programmers under the name Satoshi Nakamoto. This currency is not backed by any other currency, precious metals or other commodities and its rate is defined by supply and demand. The bitcoin market cap makes 65.31 billion US dollars. It is recognized that this digital currency is the most significant money revolution in all of human history. Bitcoins can be simply purchased (for that purpose, one must either install a special wallet or use one online) or earned through mining – using a so-called peer-to-peer (P2P) technology. In other words, in order to collect some pieces of this currency one must participate in a special network called Blockchain designed to share computer resources and compute complicated mathematical tasks. A total of 21 million bitcoins has been put into circulation, and all of them will be collected or “mined“ by 2030. The number of people willing to earn bitcoins in the easiest way, which is through “mining“ them using the increase in the price of bitcoins, is increasingly growing. Therefore, the competition between bitcoin “miners“ is increasing as well. But, indeed, how is it decided who performs the work and who is the first one to receive a bitcoin for mining and earning money? Well, this is big money – each “miner“ who successfully performs works, meaning that he or she has a successfully verified block, receives an award equal to 25 bitcoins, which is equal to approximately 84 150 USD. The developments of technology make new computers perform the ”mining“ works increasingly better and more rapidly, for which reason the block chain has to complicate the “bitcoin“ mining works, because otherwise each desktop computer, which is available in almost everybody‘s house, will become capable of performing the computations required for the verification of a block, and hundreds of thousands of transactions will become verified in a second and all bitcoins will be “mined“ in a day. For this reason, the block chain relies on the consensual algorithm called Proof of Work (PoW). In order to perform the tasks of this algorithm, extremely vast computer resources are required, while enormously big amount of electric energy is needed to maintain such hardware. That is why it is quite often to hear that the bitcoin price depends on the electric energy price. One of the qualities of electricity, which expressly distinguishes it from other energy sources, is that electricity is not the primary source of energy, it does not exist in nature but it has to be produced. Electricity is often produced with the use of heat engines received as a result of burning coal, household wastes and other sources of fuel. Such a method of energy extraction is extremely environmentallyunfriendly as more and more greenhouse gas is emitted into the environment, thereby increasing the greenhouse effect and exhausting the Earth. Although the temperature on Earth has been increasing for millions of years, nevertheless, the temperature rise in the recent times is deemed to be too fast. This is conditioned by ever increasing consumption, specifically, by the consumption of electric energy.

The global temperature increase will cause further changes: rising sea level, respectively increasing or decreasing yield of various crops, melting of glaciers, weakened river flows, extinction of species and increase of diseases carriers. In order to avoid and decrease the greenhouse effect and the emission of greenhouse gases into the environment, various steps have been taken. One of these steps is described in the Kyoto protocol, whose participants are countries willing to preserve the Earth and leave it for the upcoming generations as beautiful as it is now. Use of renewable energy sources may be one of the main methods to decrease the greenhouse effect. Such electric energy sources like sun, wind, geothermal heat are natural energy resources which appearance and renewal depend on the processes of the nature itself. Renewable energy sources must be of great current interest for bitcoin miners. Using of renewable energy sources for the production of electric energy, which is to be used for the performance of bitcoin mining works, significantly decrease expenses on electricity, meaning that profit received for the works performed is bigger. Also, this leads to saving nature and decreasing the greenhouse effect. The VenusEnergy team supports the idea of pure world and seeks to propagate the use of renewable energy sources in daily activities. The increase of bitcoin demand will also result in the increase of the scope of mining works, while using renewable energy sources in performing the works leads to saving nature, whereas the work is done in the same efficient manner. In an effort to support the idea – to use renewable energy sources for mining works – the VenusEnergy team crafted a plan of where to start from and what to do in order to preserve the world while keeping the bitcoins being mined. This idea is laid down in this document.

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