Cryptocurrency mining has become increasingly popular in the last few years as more cryptocurrencies hit the market and more people decide to engage in the activity for money. But there are many problems with crypto mining such as the excessive energy consumption required to facilitate operations, which is causing unclean energy sources to be pushed to their limits. An with over 70% of the cryptocurrencies available hitting the market only last year with a quarter of these having a mineable token mining will be again increasing for another year.
There are however many blockchain companies that are aiming to solve this problem for the market, and make access to and supply of energy decentralized and cleaner. LO3 Energy allows resident in Brooklyn for example to trade electrical supplies on a peer to peer basis between communities. This will allow people to have a fairer access to energy in terms of costs and availability, and encourage users to use solar polar as well.
Other projects like ElectricChain are also providing a similar service to residents in Amsterdam by using their cryptocurrency Solar coin. Even Statoil, B.P and Shell are all developing their own blockchain infrastructures for their own commodity trading platforms. They all hope to have a fully functioning blockchain to streamline the logistical aspect of the business, and provide more clarity about real time supplies, reserves and surpluses.
Blockchain technology is going to renovate the way that the energy market and the way in which people can source and pay for energy using a decentralized platform. This level of innovation in the industry will encourage suppliers to develop their tangible products to meet the standard of their technology, and potentially remedy environmental energy sources with renewable ones.
Check out my last post about Coinbase upgrading to Segwit:
https://steemit.com/blockchain/@blockchainboom/coinbase-upgrading-their-platform-for-2018
