[PRESS RELEASE – Melbourne, Australia, 22nd June 2022]
Los Angeles-based property developer Kinfolk Properties along with RedGrid and the Internet of Energy Network (IOEN) launched Solarminer, a solar cryptocurrency mining project in Venice Beach.
Solarminer is IOEN and Redgrid’s renewable energy solution to the energy problem of cryptocurrency mining. Los Angeles-based property developer, Kinfolk Properties, has teamed up with RedGrid and IoN to integrate sustainable bitcoin mining and clean energy infrastructure into Kinfolk’s flagship multi-residential Venice Beach residential development. Demonstrating an excellent use case for IOEN’s protocol with signals from inverters and solar infrastructure.
LA-based developer Kinfolk is serious about maximizing the clean energy potential of its development and improving the quality and cost of living for its residents. Property developers have been reluctant to deploy solar panel installations on their roofs due to uncertain financial returns. Sustainable growth is a key differentiator in the competitive rental markets in LA. But SolarMiner has gone live atop the roof of Rose Avenue, Venice, and will provide this multi-dwelling complex a financial advantage rather than an expense boost.
Clean energy infrastructure is a high priority for the residents of Kinfolk. However, in California there has been no financial gain from selling excess energy back to the grid. Now, Redgrid’s energy data software and IOEN’s protocol are managing a ‘virtual microgrid’ of solar panels on the Rose Avenue Complex and the Solarminer rig in real-time, and will provide a faster payoff for investments in renewable energy assets. In addition, rolling out SolarMiner to Kinfolk’s development portfolio of over 250 properties will boost citywide adoption of renewable energy, including electric vehicle (EV) infrastructure.
Bitcoin mining has come under fire for its increasing carbon footprint and declining economic viability as energy prices rise. So too has the cost associated with electrification of EV infrastructure and other equipment. Nevertheless, the adoption and awareness of bitcoin mining is growing rapidly. The energy costs associated with mining will only increase with the demand for low-cost, high-profit clean energy solutions that are adaptable and scalable. RedGrid and IoN’s SolarMiner rigs begin their #followthesun journey
Venice in the sun, LA, early summer
“SolarMiner is a sustainable bitcoin mining software that uses excess clean energy generated from solar panels to mine bitcoins.” – Brooke Kennedy, Redgrido
“SolarMiner is a key use case to demonstrate the value of the IOEN protocol. Specifically, decentralized, real-time settlement of community-level energy transactions that produce globally transferable value.” – Adam Bumpus – IOEN CEO
Facts & Figures
Demonstrating an excellent use case for IOEN’s protocol with signals from inverters and solar infrastructure.
The protocol enables connected agents to participate in the “market” created by the inverter agent.
Signals are read every 30 minutes from both the inverter and the weather/grid feed. These two inputs are combined to provide a “prediction” for the next 30 minute period of how much “surplus” solar will be available within the site from the PV system
This way, the rig will “soak up” any surplus solar that will be used to mine bitcoin (or ethereum).
100% Clean Energy SolarMiner Rig Using IOEN Protocol
About the Internet of Energy Networks
(IoN) is an open source, community-driven network to transform the energy grid into faster, cleaner, smarter energy markets. IOEN’s intelligent protocol is built on Wholechain and shares the same secure, hyper-scalable foundation. (https://www.ioen.tech/)
Redgrid’s energy data platform, using the IOEN protocol, allows residential or commercial users to reduce their carbon footprint by using energy that is more renewable while in the grid. RedGrid’s technology transforms the built environment into a co-operative grid of energy-consuming and generating equipment, creating the only energy market that settles transactions in real-time around the world. RedGrid uses the IoN protocol to deliver the smart city technology of the future to your homes. (https://www.redgrid.io/)
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