CryptoSolarTech, a Malaga based startup is planning to launch its Initial Coin Offering(ICO) with the help of eco-friendly mining setup. The firm is headed by Pablo Alonso and Alain Aguirre who have a strong background in fin-tech and security area.
It is well-known fact that, throughout the world, miners face the challenge of energy consumption. The company is solving this problem by exploiting the renewable source of energy. The energy is thus used in the development of ICO.
To talk about the statistics, the company has raised about 8 million Euro through its pre-sale of ICO. Although the company is left with just only two months for ICO and with a hard cap of 71.4 million Euro, the CST tokens generation speed shall soon get them to the main goal.
Usage of the Renewable resource
As per official page, CryptoSolarTech has mining farm setup in Malaga (Spain) in an industrial warehouse. The farm is making use of photo-voltaic resource and will produce two types of cryptocurrencies and is expected to yield more profit.
Additionally, the firm is making use of platform based on Ethereum Blockchain and setup for which is already in place.
The fact that complex mathematical computations are involved in verifying blockchain transactions, huge power nodes are required to mine the cryptocurrency. Its staggering to note that 1.3kW of power is required to validate a single node in the blockchain.
All said that CryptoSolarTech is aiming to produce 45,000kW of renewable energy through its eco-friendly farm. Through this company is trying to achieve a sustainable environment for mining activity.
What do you think of this idea by CryptoSolarTech? Can renewable resource be the future of mining activity? Let us know your thoughts in comment section below
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