4NEW is a start-up company who wish to convert municipal and industrial waste to electricity, which will be fed to a cryptocurrency mining rig. This way the source of the electricity does not rely on fossile fuels/coal/nuclear fuel. 4New already has power plants in use which are converting waste to electricity, at the moment the electricity generated is being sold to the electricity grid within UK.
The cryptocurrency mining farm which will be fed with the generated electricity will be installed onsite somewhere during third quarter of 2018. The incentive to utilize waste to energy powerplants for cryptocurrency mining arose from the realization that 1 bitcoin transaction consumes as much power as 34 households in a day. Anticipating a shortfall in electricity sources and a surplus in waste, 4NEW has taken the initiave to launch an ICO to solve these two major social problems. As of writing this blog, the Soft Cap has been achieved where over $42.1M USD has been raised.
The KWATT token is an ERC20 token, when participating in the ICO, KWATT tokens are issued. 4NEW is developing its own blockchain, once it is completed, the KWATT tokens will be swapped out to the KWATT coin. This cryptocurrency is backed by electricity, namely 1 kilowatt of electricity for one year. Holders of the KWATT Coin can choose to apply their KWATT’s to 4NEW’s cryptocurrency mining rigs or to sell it to the UK National Grid. In this way, 4NEW distinguishes itself in a way that you can understand their motto power to the people.
Any unsold KWATT tokens will be burned, this makes it possible to transfer the KWATT tokens after investing directly.
4NEW has already made decisions concerning the cryptocurrency mining farm, the Antminer ASICS S9 (ASIC) and nVIDIA’s GTX1060 (GPU) are considered. On page 23 of the whitepaper the parameters of the mining components are detailed. On the next page, an example calculation is shown where the conclusion is that the ASIC Antminer S9 has a payback period of about 5 months.
The above pictures shows the basic concept of how the power plant operates, in which the removal of unwanted chemical gases are also illustrated. The generated heat from burning the waste, is supplied to a steam turbine, where the water is pressurized into steam and fed to a turbine. The A/C current is then connected to the grid. In addition to the already two operational power plants in UK, 4New has announced formal talks with officials from Puerto Rico for its first Waste-to-Energy power plant, post Hurricane Maria devastation. Puerto Rico is considered as an ideal location as the surplus of waste is significantly higher than average. For more details about this announcement have a look at this blog.
Interested in the concept of waste to energy conversion?
Check out 4New’s Website. The white paper can be found here and the social links below.
Telegram — https://t.me/joinchat/EgIZbBDLYGHlhtbSS58i-Q
Facebook — https://www.facebook.com/4newcoin/
Twitter — https://twitter.com/4newcoin
Instagram — https://www.instagram.com/4newcoin/
LinkedIn — https://www.linkedin.com/company/4new/