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Swiss Company to Lower Crypto-Mining Energy Costs by Renting Out Unused Swiss Alps Buildings
A Swiss company believes it has found a way to kill two birds with one stone. The birds would be the massive energy consumption of crypto-mining and the utilization of the dilapidated buildings scattered across the country's borders.
As for the stone, Swiss Alps Energy (SAE) proposes that mining rigs be installed in these decaying buildings all over the Swiss Alps in the form of what it calls a “sophisticated modular cube system.” These pre-built structures are claimed to be flexible, malleable and automated, and require minimum maintenance. A central management system will go along these specialized cubes to ensure that maximum mining potential is reached, Cointelegraph reported.
The SAE is attacking this spiraling energy consumption of mining activities on multiple fronts. The company is designing what it calls an Organic Ranking Cycle (ORC), which takes wasted byproduct energy from intensive mining exertion to power mining cubes with a specialized ecological design. And because these cubes are placed at high-altitude areas, the temperature of -15 degrees Celsius will render air-conditioning installation completely unnecessary.
Switzerland has been at the forefront in pushing renewable energy as the primary source of electricity. And hydropower is at the center of this endeavor. The country’s regulation on renewable energy will create power from 2,831 gigawatt hours in 2017 to at least 11,400 gigawatt hours by 2035. Power production will come not only from hydroelectricity but will integrate solar, wind, biomass and geothermal energy as a source of clean energy.
As such, Switzerland boasts a “good and cheap supply of renewable energy” for miners who choose to set up mining rigs in the country. And crypto-miners will undoubtedly be drawn to this as energy cost takes a big chunk out of their profits.
Individuals or businesses are given the option to rent or purchase these SAM cubes that can be remotely operated in the Swiss Alps or installed in other areas. SAE estimates that a $65,000 investment in this project will yield a $235,000 return in three years.
Moreover, investors will be assisted using the company’s SAM Smart Mining called SamaiX. The system employs an artificial intelligence platform that will conduct market calculations to identify which coin currently has the greatest potential to yield profits. This way, investors can monitor the rise and fall of different cryptocurrencies and make an informed decision on how to adjust their strategy.
By revitalizing these unused buildings, the company hopes to lift the weight off people who consider these tenements a burden and simultaneously preserve their cultural heritage. While breathtaking sceneries are what the country is known for, this endeavor will help transform local economies into a digital haven, giving a financial boost to those involved.
The first SAM cube began its operation in February 2018, with buildings being rented by investors. The company means to rent out or lease more of these buildings in the coming months, with the cubes slated to go on sale at the end of 2018.
The private sale began in May, while the company’s open-ended initial coin offering (ICO) will start in June. The goal is to reach $96 million through a process involving four stages.