A man makes millions by running a cryptocurrency mining company using ‘cow poop.’
Following Tesla CEO Elon Musk’s concerns about bitcoin’s ties to fossil fuels, an eco-friendly entrepreneur claims to have discovered a solution involving “cow feces.”
According to a BBC report, a British entrepreneur has invented a bitcoin mining equipment that operates solely on manure in a profitable effort to use renewable energy.
Josh Riddett, the 30-year-old managing editor of Easy Crypto Hunter in Manchester, England, has purportedly developed a technique for mining cryptocurrency using energy harvested from cow feces.
Computers must process digital transactions on the existing blockchain in order to harvest cryptocurrencies like bitcoin and Dogecoin. Solving mathematical problems, which can take dozens of terawatts per year, necessitates a lot of computing power.
Riddett has looked to farmers like Philip Hughes for alternate power sources to limit the amount of nonrenewable energy spent on crypto mining.
“Farmers were encouraged to develop green energy solutions years ago, which is one of the reasons why we’ve seen solar panels appear in fields over the last 10 years, and these programs came with good financial incentives,” Riddett said in a statement to City A.M. “Those incentives have nearly vanished in recent years–but our machines are now providing those lost incentives.”
According to the site, each setup is equipped with “a large number of very powerful computer graphics cards,” each of which costs over £18,000 (about $25,500 USD). Up to 40 mining computers can be housed on sites that run on methane from cow manure, which is converted into sustainable energy via anaerobic digestion.
Riddett told City A.M. that his technology, in addition to anaerobic digestion, uses solar, hydro, and wind-powered generators throughout the 42 sites he manages. He has made upwards of £5 million, or $7 million USD, in global selling orders since converting to renewable energy sources.
He told the newspaper, “I’ve always been business-minded, but I’m not a tech nerd.” “I own the company, but I have never written a line of code.”
“I just had months and months of studying the market to learn about cryptocurrency and blockchain while having lots of late nights watching YouTube videos about it,” he added.
Hughes, who also leases out the renewable energy,. This is a brief summary.