Updated: Jun 22
At GeoBitmine, we mine bitcoin responsibly, organically, and give power back to the grid.
Energy consumption in regards to crypto mining has been at the forefront of most news cycles– as it should be. Bitcoin mining alone is a resource heavy endeavor, a study done by the NY Times and covered by Business Insider, found that Bitcoin mining consumes 91 terawatts of electricity worldwide, annually. A costly punch to earth’s limited resources and more energy than New York city consumes, annually.
To make matters worse, some mining companies are flocking to locations with cheap energy, so as to increase their own profit margins. This may seem like an upside with no downturn, but this past year, a city found itself without the energy required to heat residents’ homes, thanks to one mining company who consumed far more energy than anticipated. See CNBC cover the story here.
What can we do and where is the opportunity? What if we could generate massive profits while preserving the earth’s limited resources utilizing the staggering 58 percent of energy produced that is lost, unused, or wasted, in our current system?
Energy must be readily available for consumers at any given moment. When a light switch is flipped, the light must come on. That incredible benefit comes at an unfortunate cost, it seems. In order to keep up with any amount of unpredicted demand, power suppliers must produce more energy than needed at any given moment, as to ensure that no light goes unlit. Any surplus of energy is then immediately grounded out. What if, GeoBitmine worked with those energy suppliers, placing our data room pods near the utility company as a substation, and any energy that would usually go grounded out, would instead be routed into our pods to mine Bitcoin? Our data pods can directly wire into the power company and bypass the grid, entirely. Then, our data farm pods can utilize and return energy back to the grid, as needed, during peak or non-peak hours. Energy production would stay exactly the same, but energy waste would go to essentially zero, instantly. Using our patent-pending model, we have everything in place and ready to start mining today. With the same energy production and no waste, power suppliers profit margins would see a sizable increase. With those increased profits, power suppliers would then be able to invest in green energy alternatives, and update existing infrastructure.
We are committed to making this happen today.
We are ready to begin work immediately. We can work directly with power suppliers, and deploy data pods that can be stationed on site, utilizing unused or would-be wasted electricity. These power suppliers can power our bitcoin data pod stations utilizing the would-be wasted power, as it adjusts autonomously to their energy needs, during non-peak hours.
We are contracts in hand and investor ready, our patent pending model can be deployed anywhere in the world. We stand ready to tackle the great energy crisis of our time.