Wednesday, December 20, 2017

Science Launches Bitcoin Mining Effort

Santa Monica-based Science, the startup studio led by former MySpace CEO Michael Jones, says it is booting up an effort to launch its own, bitcoin "mining" facility here in the United States, using renewable energy. Science said the effort comes out of Science Blockchain, its incubator which is focused on funding and growing companies in the Blockchain space. Bitcoin "mining" is the highly, energy intensive process of "creating" Bitcoin--essentially, a race to solve a very complex algorithm by software, which allows users to "mine" a new Bitcoin. Science said the new renewable, Bitcoin mining facility will be led by renewable energy and cryptocurrency veteran Menua Chaparyan. A recent report says that Bitcoin mining is now consuming more energy than 159 countries do, or approximately 29.05TWh. That's more than the energy consumed by Alaska, Hawaii, Idaho, Maine, Montana, New Hampshire, New Mexico, North Dakota, Rhode Island, South Dakota, Vermont and Wyoming. Science said its renewable Bitcoin mining facility will be up and running by early 2018. The energy used by Bitcoin miners at any time could power about 2.26 million American homes.