Solar and wind energy is utilized by Nasty Mining to create a sustainable bitcoin mining operation
Bitcoin mining takes up a great deal of electricity and energy, contributing substantially to environmental damage as the network grows at an exponential rate. A sustainable approach to mining benefits both miners and the environment. This is what OgNasty, founder of Nasty Mining, has set out to do.
The latest statistics from blockchain.info shows the performance of the network at 6,218,141 Hash Rate TH/s. Globally, the electricity required to power the bitcoin network costs millions of dollars per year. In a world where energy costs are an unsustainable amount of damage to the planet, a renewable energy solution is highly rewarding.
Nasty Mining gives a platform for a community of small-scale miners, focusing on sustainable mining rather than optimizing profit as larger miners do. The pool of miners is decentralized, with a 0% fee P2Pool mining pool, made up of members of the NastyFans group. You can buy a “seat” to join this group which helps fund Nasty Mining, and in return you get a percentage of the earnings which you have helped increase.
I spoke to OgNasty to see how the project is doing:
CI: From what I understand, you have formed a niche community in the mining business. What are your core principles, qualities or work ethics that set you apart from other mining entities?
OgN: The biggest thing is that it is all done for fun, not profit. This means nobody involved takes any salaries and all costs are paid out of pocket by myself (except for mining equipment, which is paid for by the NastyMining fund, which receives 25% of all donations sent to NastyFans). Without any costs, we can never fail unless everyone involved gives up on the project. That is why we strive to keep things fun and encourage more users to participate where their skills will allow.
CI: Do you feel as though this is a competing force for the larger mining operations or more of an independent body? (a bit like Tesla car “competing” against normal cars).
OgN: Larger operations have so many costs attached, they require enormous amounts of capital injection to grow. Hosting and employee costs alone make it a very cutthroat business with an extremely high failure rate. I think being small and having no costs shields us from a great majority of the dangers while our wide product line allows us to maintain slow organic growth that will ultimately benefit longterm members of NastyFans.
CI: Since you’ve started several years ago, has the community seen much growth? How is it going today?
OgN: As the Bitcoin community grows and sees more infighting, I’ve noticed less participation from the majority, while few are far more involved. I spend a great deal of time thinking of ways to keep more people involved in a positive manner, but without a form of instant gratification it remains a challenge. Hopefully some good developers will come along and help add some fun services in the future.
Things are definitely going well. When our recent orders arrive we will be at an all-time high with hashrate. Our savings in USD are at an all-time high. We have more products available in our online shop than ever before. We’re now producing wind/solar energy with a battery soon to be installed, allowing us to go off the grid. I also plan to release a new product in the near future I think people will enjoy.
CI: Do you have goals in regards to energy consumption and sustainability, or any other kinds of goals?
OgN: I try to use the latest and greatest technologies available. My only real goals are to continue diversifying our energy sources. I would love to find a small sponsor next to purchase a bicycle powered generator so that I can spend some time peddling for additional power every day. I also plan to expand on our wind/solar production in the future. A longer term goal is to eventually install a cooling tower and immersion tank in my garage. This would allow us to submerge our equipment in oil that will greatly reduce energy consumption and cooling costs while allowing further mining expansion.
CI: Have you reached 100% self-sustaining, off-the-grid conditions?
OgN: Right now we are 100% self-sustaining. This is mostly because I took an opportunity to sell some of our hardware and order more at a lower price so we aren’t operating much hardware. Once our Tesla Powerwall 2 is installed, we will also be off-the-grid until more mining hardware arrives.
CI: 2 How is the Tesla Powerwall 2 battery different from other batteries, and benefit your needs?
OgN: The Tesla Powerwall 2 will give us some great benefits.
Going off the grid
Mining through power outages
Storing excess power generation to sell at peak rates
Reducing the peak power draw (saves $ on electric bill)
Energy arbitrage (buying off-peak electricity to sell on-peak)
CI: Do you have any interesting statistics on the environmental impact of Nasty Mining?
OgN: Yes. Lots of great stats. We have only been “green” for a few months, but have already started accumulating some good environmental benefits.
Lifetime Environmental Savings:
CO2 Emissions Avoided – 4.6 tons
Miles Not Driven – 9,927 miles
Gasoline Not Used – 469 gallons
Coal Not Burned – 4,478 pounds
Crude Oil Not Used – 10 barrels
Mature Trees Grown – 107 trees
Garbage Recycled – 3,295 pounds
CI: Can you tell me about the Green Energy Project, how it’s going, and what improvements you had in mind?
OgN: The project has surpassed my expectations already. I had no plans to put in a wind turbine, but quickly saw that it would be appreciated. The Tesla Powerwall was something I was hoping to get sometime next year, so I’m thrilled we already had a sponsor purchase it for us. Further improvements I could see becoming a reality could include a bicycle powered generator to keep me busy, expansion of the solar array, additional wind turbines, an immersion cooling tank & geothermal air cooling. I would also love to find other ways to help offset Bitcoin mining’s impact on the environment, perhaps eventually starting a trustworthy foundation that helps fund planting of trees & donates to various animal charities.
If you are interested in these projects and the sustainable mining operation, the NastyShop has further information on how to participate. Another good place to read is the active BitcoinTalk thread for NastyFans We may be looking at the future setup of mining which ensures decentralization, sustainability and also allows for a social interaction within a community. This is in appreciated contrast to the larger mining corporations.
The post Sustainable bitcoin mining: an interview with OgNasty appeared first on Crypto Insider - Bitcoin and Blockchain News.