The Middlesborough Waste-to-Energy Plant Secured by 4NEW
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. Come the end of June, we will be utilizing up to 10MW per hour to mine cryptocurrencies bringing the KWATT to life
LONDON, England April 27, 2018
Today, 4NEW announced that they have secured two operational Waste to Energy (WTE) power plants that produce over 10 megawatts of electricity per hour in the United Kingdom. The power plants, located in Middlesborough and Hartlepool, utilize the Anaerobic Digestion technology to convert regular household waste and feedstock into electricity that is currently sold to the UK national grid.
4NEW’s securing of the two power plants is positioned to redefine the crypto landscape by placing a permanent footprint for the community that will deliver for decades to come. In Q3 of this year, 4New will install onsite cryptocurrency mining farm that will be powered by dedicated electrical supply from the two plants that will generate digital assets such as Ethereum, Bitcoin, Bitcoin Cash, Litecoin and other cryptocurrencies as determined by the holders of the 4New utility token the KWATT. 4NEW has approached the crypto supply chain from the perspective of power production in response to Bitcoin’s voracious energy consumption which currently equates to the same electricity usage as the nation of Switzerland.
The conventional approach of the crypto-mining community has remained focused on mining by trying to source the cheapest power available to them. However, with 1 Bitcoin transaction consuming as much power as 34 US households in a day, a mining arms race has caused a record spike in electricity consumption. In recent months, some US utility companies have banned miners from tapping into subsidized power rates. To attack this problem, 4NEW focused their pursuit of renewable energies such as Waste to Energy power plants.
“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. Come the end of June, we will be utilizing up to 10MW per hour to mine cryptocurrencies bringing the KWATT to life,” said Varun Datta, Founder of 4New.
Waste to Energy technology has been in play in excess of 100 years with 71 WTE plants within the United States and over 80 WTE plants in Europe. These plants solve two major social problems; Waste surplus and energy shortfall. It is projected that waste output will double within 25 years. To combat this waste epidemic, 4NEW has chosen Waste to Energy technology as its desired protocol to purchase, build and develop power plants globally.
“We are thrilled to participate in this deal with 4New which we believe is carving an entirely new demand and validation of the waste-to-energy power production technology,” said James Williams, representing the sellers of both plants in Middlesborough and Hartlepool.
WTE plants operate at breakeven due to revenue generated from the sale of Waste processing services and byproducts. Therefore the energy produced is free and can be sold to a national grid. 4NEW has decided to dedicate this energy to the blockchain and mine the most desired cryptocurrencies.
4New is a waste to energy company focused on the production and provision of electricity to power the mining of popular cryptocurrencies such as Bitcoin and Ethereum. Thanks to the waste-to-energy model, energy produced is ‘free’, given the revenue generated from waste processing. Consequently, as Bitcoin mining gets increasingly harder to maintain profitably, 4NEW's ecosystem, coupled with free energy, will be disruptive, providing users with unparalleled competitive edge compared to all other actors within the mining industry.
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