4NEW: Generating power from waste

The quantity of electric power expended in mining cryptocurrencies is much more than the amount of electricity that is been used by the totality of some country as a result of this, great demand is placed on the electricity with no sign of output increase, effort to slow it down becomes a huge problem. It is estimated that if the trend of such great demand continues and nothing is done to meet up the demand, in few years to come the amount of energy that would be used in mining Bitcoin only will be the equivalent to the 20th highest energy consuming country in the world.
The estimated annual mining cost of Bitcoin is now nearly $2 billion, with 262 KWhs used for just one single transaction on the average.

In some part of the world, the cost of electricity is approximately $0.15 per KW and has remained so over the last few decades putting inflation in consideration, howbeit, with the increased number of people now accepting the blockchain technology; it means there will be an increase in the amount of electricity that will be used. It is very clear that there is need for electricity in mining of cryptocurrency.

To this great demand for electricity, the big news is that there is a project that has come to proffer solution to the problem of power generation through proper utilization and management of waste. Here comes 4NEW

Introducing 4new

“4NEW is a power-producing company, it seek to convert city waste into electric power with little or no harmful environmental pollution. 4New company has been known for cleaning city waste and progressing from there, it will generate enough revenue to boost the energy power plant, this generated electricity from collected waste will then be used for mining cryptocurrency

How does 4New operate?

4NEW operates by refining waste product into water and other organic material, it is now been sold to the national grid or they use it on their own mining farm. This project is financed by the revenue generated from collecting city waste and from selling valuable products that is collected alongside the waste

The 4New project is built on the Ethereum blockchain which allows it to make use of smart contracts, providing an additional layer of trust for anybody transacting with each other, they however plan to switch to using their own blockchain platform.
Due to the platform being an energy producer, this will provide them with a key advantage over their competitors as their costs for mining should be much cheaper.

The project will involve the Waste, Energy and Cryptocurrency sectors at the same time and the token will be adopted by different industries. In the beginning they will generate 10 megawatts of power every hour. 1 megawatt is equivalent to 1000 kilowatts these powers 1000 households per day. This equates to 10000 households a day per hour or the plant will generate enough power 240,000 households a day.

The KWATT token

KWATT is the token used in powering 4NEW project. Each of the tokens available will be the equivalent to 1 KW of electricity. 4NEW plan to offer token holders the option of either using their tokens to purchase mining power on their own mining farm or sell if they wish to do so. Token holders will be paid a portion of the company’s net revenues annually depending on which option they choose.

The KWATT token has lot of advantages as utility token, the token would be used for different transactions; they have already set up deals with a few large companies and provided more uses for the token:

Project mining farm
The project will also have its own mining farm with token holders given the opportunity of either mining or selling their electricity to the national grid.

Money transfer
There are two money transfer companies that have a combined turnover of $25 million per month, they will also add the new KWATT token to their platforms.

Licensed pharmacy
A US Pharmacy that processes $24 million annual sales also plans to accept the new token for purchases on their website.

Insurance company
There's also plans in place to offer the token as a payment method for an insurance company that has over 90,000 customers.