Love it or hate it, but you can’t deny it: Bitcoin is a huge, nasty, energy-consuming beast. The latest estimates from the University of Cambridge indicate that annualised consumption, according to CBCI (Cambridge Bitcoin Electricity Consumption Index), amounts to 60.36 TWh.

This is more than what some countries consume. Switzerland, for example, uses 58 TWh annually, Austria 72,2 TWh, and the Czech Republic 68,3 TWh.

Some other estimates are even worse. According to Digiconomist.net, a website that publishes Bitcoin Energy Consumption Index, the annual energy consumption for mining Bitcoin is 73,1 TWh.

That is, Bitcoin could power 6,770,506 US households. (No data for UK, though.)

To deal with high electricity bills, two trends are emerging. Miners are migrating to countries with cheap electricity. On the other hand, some miners are searching for greener solutions. A good example is Iceland, where almost 100% of electricity comes from renewable – and cheaper – sources.

Johann Snorri Sigurbergsson from Icelandic energy firm HS Orka told BBC that the amount of electricity that is used for mining Bitcoin is likely to exceed the sum of electricity used in all Iceland houses. “If all these [Bitcoin mining] projects are realised, we won’t have enough energy for it,” he revealed.

Which One is More expensive: Mining Bitcoin or Gold?

The other meaningful way to estimate the cost of cryptocurrencies mining is to compare it with mining of noble metals. Considering methodology “required power for creating a value of one US dollar (0.83 GBP),” mining cryptocurrencies takes way more energy than mining gold, platinum, and some other metals. Nature.com stated that 17 MJ (megajoules) of energy is necessary for mining Bitcoin, while mining gold takes “only” 5 MJ, mining copper 4 MJ, and mining platinum 7 MJ.

Similar data published The Guardian: Bitcoin needs 19 MJ to generate $1 US (0.83 GBP), gold 5 MJ, copper 4 MJ, and platinum 6 MJ.

Yet another good comparison is energy usage for Bitcoin transaction versus similar classic payment transaction. According to VISA, all VISA operations consume 647, 92 GJ (gigajoules) of energy, processing more than 110 billion operations annually.

One Bitcoin transaction consumes 635 KWh – which is enough to power 21 U.S. households for a day – while 100.000 VISA transactions consume 151 KWh. So, more than 400.000 VISA transactions can be processed with the energy required for just one BTC transaction.

Besides, the computing power for mining Bitcoin increased more than four times during 2018 (until October), thus the required electricity increased at the same rate.

Will Renewable Energy Solve the Puzzle?

Some speculate that renewable energy is the answer. Alex de Vries, a blockchain specialist at PwC’s Experience Centre and founder of Digiconomist.net, has a different opinion. “Renewable energy will not save Bitcoin,” he stated very clearly in an article where he explains the reasons in six points.

For example, he explains a procedure of using hydropower to run the mining devices. Due to dry winter months, much less power is available. To compensate for the lack of hydroelectricity, they use classic coal-based electricity.

So here we are now. What else can we do to help Bitcoin become greener?

The solution might not be very far away. It could be hidden in – garbage!

Roberto Hroval, founder and chairman of Hong Kong-based PatentReal Corporation, offers a unique solution. The company developed a state-of-the-art technology called “Product Reincarnation Technology™.” It is a big machinery that runs on waste tires and discarded scrap plastic.

“You put scrap plastic or waste tires on one side and get fuel or electricity on the other. Or, if you use the two-step process, you can produce the same product: worn-out tires in, brand new tires out,” explained Hroval.

Project Phoenix8: A Plant That Eats Waste to Produce Electricity

But can it be used for powering cryptocurrency mining machines? “Absolutely. We can provide all the components except mining rigs,” explained the founder, “and our technology has many advantages over others, including green ones. For example, it is totally independent of the weather. It has no emissions into the ground or air. Also, we solve one of the biggest ecological problems every country is facing – what to do with the ever-increasing waste that pollutes waters and nature.”

The good news is that the system is already here, proven to work. “We are ready to deliver it. After eight years of testing and perfecting, we can say this is one of the biggest breakthroughs in the waste-to-energy industry. We monetize more than 98% of waste, with more than 95% energy efficiency. This is something no one was able to achieve to date, as far as I know. We even hired the world´s leading testing and inspecting company, Bureau Veritas, to confirm the data,” is confident Roberto Hroval.

The first Product Reincarnation Technology™ plant will be located in the EU, presumably in Germany or some other western countries. The name of the factory would be Project Phoenix8, as we explained in the other article.

Roberto Hroval is also a researcher, inventor, and edge-science enthusiast, with many patents under his belt. For his biggest project, Project Phoenix8 – which is estimated to 22 billion – he chose to go public via crypto industrial token PP8, offering it to private investors.

When the PP8 coin hits the crypto exchanges, everyone will be able to participate in this lucrative investment. How lucrative, you ask?  Here is what Jorgen Nielsen, CEO MTS INVEST, Global Green Field Investments from Denmark said: “If you missed the ´garage days of Bill Gates,´ this could be your next chance to make a lot of money…”

Although digital currencies are somewhat unstable so far, Roberto Hroval is a big believer in the next generation of crypto: “I am a great advocate of so-called ´cryptangible economy,´ which is a blend of crypto, tangible and economy. That combination offers investors safety and transparency that I mainly lack in most crypto projects.”