Indian expat Varun Datta’s block-chain based energy plant, 4NEW, has secured two operational Waste to Energy power plants in the United Kingdom.
The plants produce over 10 Megawatt of electricity per hour and utilise the Anaerobic Digestion technology to convert regular household waste and feedstock into electricity sold to the UK national grid.
In Q3, 4NEW is set to launch an onsite crypto-mining farm that will be powered by a dedicated electrical supply to generate Etherium, Bitcoin, Bitcoin cash, Litecoin and other digital assets.
4NEW is on the verge of developing a power supply that is on par with the electrical usage in finance havens like Switzerland, for crypto currency production.
With the electricity consumption rates on the rise worldwide along with US utility companies banning subsidised power rates to miners, 4NEW’s approach of pursuing renewable energies from waste to energy power plants makes it an innovative and cost-effective solution in the long-term.
“We couldn’t be more thrilled than to deliver to our investment community these sites, already operational in the United Kingdom. To be able to deliver two plants and begin mining is fantastic; we can help reduce the cost of mining while helping the planet at the same time,” said Varun Datta.
“Come the end of June, we will be utilizing up to 10MW per hour to mine crypto currencies bringing the KWATT to life,” he added.
Despite a series of warnings issued by the central banks that digital currency is risky and unregulated investment, interest in Bitcoin in India is rapidly on the rise.
Although the crypto currency is known for its volatility, it has gained appeal along with other virtual currencies following India’s demonetisation move last year.