Staying ahead of the technology curve means strengthening your competitive advantage. That is why we give you data-driven innovation insights into the energy industry. This time, you get to discover 5 hand-picked blockchain startups reducing energy requirements.
Global Startup Heat Map highlights 5 Top Blockchain Startups reducing Energy Requirements out of 164
The insights of this data-driven analysis are derived from the Big Data & Artificial Intelligence-powered StartUs Insights Discovery Platform, covering 2.093.000+ startups & scaleups globally. The platform gives you an exhaustive overview of emerging technologies & relevant startups within a specific field in just a few clicks.
The Global Startup Heat Map below reveals the distribution of the 164 exemplary startups & scaleups we analyzed for this research. Further, it highlights 5 blockchain startups that we hand-picked based on criteria such as founding year, location, funding raised, and more. You get to explore the solutions of these 5 startups & scaleups in this report. For insights on the other 159 blockchain startups reducing energy requirements, get in touch.
BiXBiT develops Immersion Cooling Systems
Due to the complexity of computations involved, cryptocurrency mining consumes significant amounts of energy. As miners receive digital currency as an award, it incentivizes users to dedicate their computational power towards mining. However, energy consumption keeps increasing as the number of coins left to be mined decreases. To counter the negative environmental impact of cryptocurrency mining, startups work on cooling solutions for the processing equipment involved.
Belorussian startup BiXBiT develops immersion cooling solutions for cryptocurrency mining. The startup produces cooling systems, such as cooling cells, racks, and containers, as well as a liquid coolant solution, for mining farms of various sizes. Providing thermal stability, BiXBiT’s solutions reduce energy consumption and increase the lifetime of mining equipment.
MintGreen specializes in Sustainable Power Sourcing
The use of electricity from fossil fuel sources and the heat generated from computations make crypto mining unsustainable. This is why some crypto miners are switching to renewable energy sources to reduce the environmental toll. Mining algorithms such as Proof of Work (PoW) reduce the amount of processing power required. Therefore, blockchain startups develop mining solutions that utilize clean grid power.
Canadian startup MintGreen works on sustainable power sourcing for crypto mining. The startup develops mining systems powered by clean energy and negotiates power purchase agreements (PPA) with clean power producers. Additionally, MintGreen works on immersion systems that reduce the excess heat from mining equipment and heat recovery systems that harness heat for utilization in industrial projects.
Elite Mining advances Green Crypto Mining Hosting
Crypto miners’ are moving the loud and energy-consuming processing away from their own premises to remote places. These include cloud mining, hashing power renting, and mining hosting services. To supply such a large consolidation of processing power with energy, often at remote sites, startups often utilize renewable sources such as hydro and solar.
US-based startup Elite Mining provides green mining hosting services. The startup uses hydro energy to power its facilities and builds solar and wind infrastructure to generate 99% of the energy required for mining from renewable sources. By applying renewable energy to cryptocurrency mining, Elite Mining helps reduce carbon emissions from energy-demanding algorithms such as Proof of Work. Additionally, the startup’s hosting services enable remote mining, which reduces downtime and operation costs associated with mining on personal premises.
Elrond works on Proof of Stake (PoS) Blockchain
Approving a transaction using the PoW concept and winning the block’s award for it requires running multiple cryptographic calculations. Consequently, participants competing for the rewards utilize increasingly larger amounts of electricity. To mitigate this, startups and scaleups develop alternative transaction validation concepts. These solutions limit the number of blocks available to a single participant in the mining process.
Maltese startup Elrond develops a Secure Proof of Stake (SPoS) blockchain consensus. The startup’s approach is a variation of the Proof of Stake concept, limiting miners’ access to blocks by the percentage of the coins they hold. It incorporates random validator selection of the consensus group to ensure secure transactions. By limiting the participant’s access to the validation process, Elrond allows for a significant decrease in the computing power needed for transaction validation.
Papyrus Network provides Proof of Authority Blockchain Network
Blockchain consensus concepts such as the Proof of Authority enable the replacement of unlimited participants required to approve a transaction with a limited number of trusted nodes. This mitigates the significant energy requirements of the PoW consensus. Consequently, startups develop PoA solutions to increase the energy efficiency and speed of cryptocurrency transactions.
Singaporean startup Papyrus Network develops a PoA blockchain network. Nodes in the startup’s PoA solution are operated by trusted organizations. To ensure the fairness of transactions and resource allocation, Papyrus Network implements the separation of powers governance approach. This approach splits decision-making between authority nodes and token stakeholders. By reducing the number of participants needed for validation, the startup eliminates the excessive energy requirements of the PoW consensus.
Discover more Energy Startups
Energy startups such as the examples highlighted in this report focus on decentralization, smart metering, renewables as well as floating PV solutions. While all of these technologies play a major role in advancing the energy industry, they only represent the tip of the iceberg. To explore more technologies, simply get in touch to let us look into your areas of interest. For a more general overview, you can download our free Energy Innovation Report to save your time and improve strategic decision-making.