SolarCoin is a cryptocurrency. We all know that nowadays cryptocurrency is becoming the talk of the town, so why not discuss Bitcoin’s environmentally-friendly alternative, that is SolarCoin! There is no doubt that the term cryptocurrency itself is huge and also complicated, so without wasting too much time and creating any confusion, we’ll stick to the basics and will definitely explain anything that you must need to know.
Let’s do a Quick Intro about Bitcoin
Bitcoin is basically one of those digital currencies that are now floating around all over and has much attention these days. The basic fact is that it’s the largest cryptocurrency in the world, after being introduced in the year 2009. The difference between the normal currencies and bitcoins is that bitcoin is a completely digital currency, which means there are no physical coins, but its balances are available for everyone just like other currencies and all thanks to blockchain technology. So, talking about blockchain technology, it is basically a huge database that records and stores data that is related to transactions. Also, it does get more advanced over time, but this is a very basic introduction to Bitcoin and blockchain technology especially for those who might not know much about this new stuff that is a huge talk all around the world.
Is It True That Bitcoin affects the Environment?
Some people might not even think twice about the fact that Bitcoin has a negative effect on the environment, but it does. You must know that Blockchain technology and Bitcoin mining consume a huge amount of electricity. Bitcoin mining is a complicated process and involves the creation of new coins. The process itself is done using powerful and complex computers, so you can imagine, that it obviously requires a lot of electricity. Over the past few years, we’ve seen other cryptocurrencies that were and still are way more energy-efficient and environmentally conscious than Bitcoin. The other options that come in the note are BitGreen, Cardano, and also SolarCoin.
What is a SolarCoin?
SolarCoin is also a cryptocurrency, just like the others mentioned above. It’s been around 7 years or so and it basically works to encourage the uptake of solar. It helps in speeding up the world’s transition to renewable energy. The interesting fact about the solar coin is that SolarCoin is not bought and sold like Bitcoin is; so you have to earn them based on actions that you take in the real world!
If you really want to get yourself in on the SolarCoin action, here’s a brief about how you can. So, the amount of energy your solar system generates is what determines the amount of SolarCoin you can claim. For your information, as of May 2021, they are issuing 1 SolarCoin for each megawatt-hour of electricity that your system produces throughout its lifetime. Basically, the thing is as long as your system continues to generate electricity, you’ll earn SolarCoin (depending on availability). There are some steps mentioned below that you need to take so as to claim some of this cryptocurrency.
How Can I Get Some of SolarCoin?
You need to submit a claim to register your solar installation before you start earning SolarCoin. You can register your installation through your monitoring system or another platform that you use for the system. Then you have to download an e-wallet on which you have your own residence address just like you fill for a bank account. After this, your monitoring system will send your solar generation to the registered SolarCoin Foundation and they will issue your SolarCoin at the rate they had stated earlier above to your e-wallet. For more information, you can visit the official website of SolarCoin.
What is the next step?
So, if you really need another reason so as to switch to solar then SolarCoin is definitely the one reason for it. This will not only save your electricity bills but also contribute to the environmental benefit. If you have made your mind then what you are waiting for? Just jump on the board with the environmentally friendly cryptocurrency.
Let’s gather all the above points and Summarise
Now, you’ve taken in a lot of information that is required to know about SolarCoin, so let’s have a quick recap. Well, we must notice that Bitcoin has grown into the world’s largest cryptocurrency, and it has encouraged the creation of others that could be more environmentally friendly, such as SolarCoin. The process is very simple to understand as the amount of SolarCoin you can get depends totally on how much electricity your solar system generates. After this, the SolarCoin Foundation then calculates the energy generated through your system and distributes the personalized amount to you. If you’re thinking about getting solar any time soon, this is definitely the right time and if you already have solar, then you don’t even have to wait as well. Do you know the best part? You actually don’t need to risk any of your capital amount with SolarCoin, because it’s purely based on the amount of energy that your solar system generates.
We are not providing many details about the financial advice. So before investing in the world of cryptocurrency, you must seek some financial advice. But if you are thinking about investing in SolarCoin then you must consider the previous steps mentioned above.