GEAR Token: Legit Renewable Green Energy Cryptocurrency Mining Solution?
GEAR is On Course to Make Self-Sustaining Green Crypto Mining a Reality
The world of crypto is growing daily. However, one of the major problems is still not being addressed well. This is the issue of energy consumption by transactions in most of the major blockchain networks. The issue has grown exponentially in the past few years; it shows no signs of slowing. It continues to cause negative impacts on the environment.
The Main Issue
The uncontrollable energy consumption in the world of crypto has been fully documented. The biggest coins such as Ethereum and Bitcoin are the main culprits. This is because most of these coins operate the PoW consensus. It requires massive computing energy to verify a single transaction.
The current estimate for the energy consumption by Bitcoin can power over 6.7 million homes. In the US, some states have even proposed a tax for Bitcoin mining due to the rising power costs for residents in areas where mining takes place. Iceland is a good example of how out-of-control the issue of energy consumption has become. The nation will consume more power for Bitcoin mining than for powering all homes in the country. This signals that crypto mining is having a negative impact on the world and a solution needs to be found.
Sustainability Through GEAR
The use of blockchains should not be synonymous with unsustainable energy consumption. That is what has prompted GEAR to come up with a profitable solution, which will ensure a greener and sustainable future for the blockchain. To achieve its goal, GEAR will invest in green energy assets and incubate innovation.
Creating A Closed-Loop Network
GEAR will finance the expansion of its network of green farms, PoS masternodes and data centers using capital within its network. Thus, there will be no need to seek financing from outside the network. The closed-loop will allow the project to achieve growth while being self-sustaining.
To finance continued operation of the network, GEAR will invest up to 40% of the income the network generates. Part of the reinvestment will be used to fund the expansion of green energy farms. Other investments will go towards other types of verification systems like Proof of Stake.
Greener Options For The Crypto World
GEAR will offer the hash power generated by the green power to energy-intensive PoW networks. This will create more environmentally friendly options for crypto mining. The hash power may be applied to any PoW network. The GEAR token owners will choose via a consensus vote.
Additionally, at least 10% of the income generated from verifying PoW blockchains will go towards supporting green energy. This will be achieved by offering funding to leading research centers that are looking into green energy. The GEAR Capital Fund will work similar to a venture capital fund.
Thus, GEAR has the potential to create additional revenue streams through the sale and licensing of green technology innovations. This will go a long way in helping to make GEAR a closed-loop network. The GEAR fund will concentrate on projects working on energy conservation, fuel switching, carbon capture, batter chemistry, and energy efficiency.