The solar bitcoin is called SolarCoin

In the continuous search to promote development of solar energy and the electric self-consumption SolarCoin was born. It uses one of the most disruptive technologies of the last decades: Blockchain.

Blockchain, the technology it uses from Bitcoin and other cryptocurrencies, is fundamentally a decentralized bookkeeping system. In other words, blockchain allows keep a record of ownership and transfer of value over the internet without the need for any organization, company or centralized authority.

SolarCoin

SolarCoin uses this technology to generate a decentralized, incorruptible and auditable record of the solar energy produced by any individual or company. When registering an installation on the SolarCoin Blockchain, the owners of the installation receive a digital credit (1 SolarCoin) for each Megawatt-hour produced.

solar energy

The ultimate goal of SolarCoin is to leave a reliable and independent record of the contribution that each solar installation is making in the fight against climate change, at the same time reward the owners of these facilities for their contribution and limit the dependency and risk of subsidies.

So far, producers from 39 countries in the world, including Argentina, Brazil and Mexico, have been awarded thousands of Solarcoins.

SolarCoin has received recognition and support from international entities such as IRENA (International Renewable Energy Agency), Solar Power Europe (European Photovoltaic Association) and the United Nations Climate Change Convention.

Negative impact

While blockchain technology can be very beneficial in the fight against climate change , cryptocurrencies like Bitcoin and Ethereum have a beastly negative environmental impact. The creation or mining of the new blocks of these cryptocurrencies requires performing very complex calculations. For this, the miners use clusters of computers or next-generation graphics cards to process the algorithms necessary to extract the cryptocurrencies, consuming globally an amount of energy equivalent to several nuclear power plants.

CO2

On the contrary, the generation of Solarcoins does not require unnecessary energy consumption; To generate a Solarcoin we have to generate 1 MWh of photovoltaic solar energy.

How to earn SolarCoins

The operation of SolarCoin is similar to that of any loyalty program. Any owner of a photovoltaic solar installation you can request and claim your SolarCoins at no cost. To do this, you simply have to register your solar installation with data that demonstrates the existence and operation of your solar installation, using the form available on the official site.

The concession mechanism for the delivery of SolarCoins is based on a simple formula: 1 SolarCoin per MWh of electricity generated, regardless of where the energy is produced in the world. This means that a residential solar installation with a peak power of 3 kWp will receive about 4 SLR annually. SolarCoins are awarded by the SolarCoin Foundation to the address of the solar owner's electronic purse. Subsequently, every 6 months, the SolarCoins will be sent to the solar owner, taking into account the energy produced. For the first online registration, the grant is also retroactive to the date of interconnection to the grid, or January 2010, whichever occurs first.

low solar energy price

The current value of a SolarCoin is around $ 0,22 compared to $ 4550 for Bitcoin. SolarCoin Foundation spokesman Nick Gogerty says the price could evolve in the short term towards 30 dollars per currency, depending on the level of acceptance and the evolution of the CO2 emission markets, and that when this happens, it will provide an effective incentive for people to buy solar panels and possibly act as a substitute for power fees in the current place and encourage more people to participate in renewable energy.

Currently SolarCoin is accepted as a form of payment by some electricity distributors in France and is exchangeable for other currencies such as Bitcoin or Ethereum, euros or dollars in online markets such as Lykke or Bittrex.

SolarCoin main features

  • The entire platform is made in open source, the project is called Litecoin
  • Its vision is to generate 97.500 TWh (Terawatt-hour) of solar energy
  • Your project has an average validity of 40 years
  • It is managed through the usual cryptocurrency market, as well as through the exchange of solar energy for SLR
  • 1 MWh equals 1 SolarCoin
  • Its blockchain is known as ElectricChain.
  • This currency, like Bitcoin, is managed in virtual wallets.
  • Users who generate solar energy receive payment in SolarCoins every 6 months through their virtual wallets.

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