• December 10, 2023

How farmers are using cow manure to power crypto mining operations

An entrepreneur who built a cryptocurrency mining company powered by cow dung has seen a business boom since Tesla
TSLA, -0.80%
Chef Elon Musk questioned Bitcoin
BTCUSD, + 0.84%
about its environmental impact.

Josh Riddett from the UK who started Simple crypto hunter in 2017 in Manchester, it has carved out a niche for itself with the sale of farm equipment powered by renewable energy, such as anaerobic digestion, which converts animal manure into energy.

Bitcoin is probably the most famous cryptocurrency, a form of digital money, despite Dogecoin
DOGUSD, -1.47%
is also popular, and mining is a form of auditing or record keeping that uses computer power and consumes a large amount of electricity.

Read: A Goldman Sachs boss reportedly quit after making millions on Dogecoin

Riddett’s mining machines – measuring 70 cm x 35 cm x 40 cm – are designed to mine other digital currencies like Ravencoin and Ethereum and use much less energy.

The company’s mining rigs typically sell for £ 18,000 ($ 25,000) and have made an average annual profit of £ 30,000 each over a three-year period, with the majority of those profits coming in 2021 when digital currencies gained institutional acceptance.

Farmers with renewable energy sources like solar, hydro, wind or anaerobic digestion can sell their electricity back to energy companies for around 4-7 pence per kilowatt-hour – but they can instead make up to 10 times as much by mining a crypto -Operate the machine.

Riddett – who was a delegate to a European Union crypto summit last year – says the company is seeing tremendous sales growth in UK agriculture as farmers use on-site renewable energies such as solar, hydro, wind or anaerobic digestion use .

Read: Police searched a suspected cannabis farm only to find an illegal bitcoin mining operation: reports

Riddett said in a statement, “Elon Musk wiped billions from the global crypto markets when he said that bitcoin mining was bad for the environment, but what we are doing couldn’t be more environmentally friendly.

“Our computers can mine hundreds of different digital currencies, but we don’t mine bitcoins because they are not as energy efficient as other coins and are not as profitable.

“When we started this business four years ago, green energy wasn’t on our customers’ radar, but it now accounts for about 40% of our business and is growing every day.”

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