New company's revolutionary approach could transform the cryptocurrency industry: 'A new paradigm'
Around the world, cryptocurrencies continue to grow in popularity. Enthusiasts tout it as the gold standard of the future and believe that countries and even individuals who don't embrace it will be left behind. But the new technology comes with a dark side. Mining cryptocurrency can be an energy-intensive practice with devastating environmental effects.
A company called Morphware is trying to change that. According to USA Today, Morphware is using clean energy to power its cryptocurrency mining and artificial intelligence operations.
The company is based out of Paraguay. The South American country has vast amounts of hydroelectric power produced by the Itaipu Dam. As of now, Morphware is powering all of its AI and cryptomining operations with power from the dam.
A focus on renewable energy sources is a welcome step in the right direction for the cryptocurrency industry. According to EnergyStar, a single crypto transaction can require more energy than it takes to power six houses for an entire day in the United States.
This can put a significant strain on our energy grids. It can also contribute to rising costs for businesses as well as individual consumers as the demand for energy increases.
What's more, a cryptomining operation depends on dirty fuels such as oil and gas, and vast quantities of health-harming, planet-warming pollution can enter the atmosphere.
Fortunately, Morphware is among the major players in cryptocurrency and AI to take action to mitigate the negative effects of the sectors.
For example, the cryptocurrency network Ethereum lowered its energy usage by more than 99% by switching to a proof-of-stake system, which doesn't require energy-intensive computational puzzle solving. And similar to Morphware, a company called Lightchain AI recently launched with a commitment to prioritizing sustainable energy along with efficiency.
Morphware founder Kenso Trabing was enthusiastic about the future of his company, which also leverages AI to address "data security and result integrity" concerns — all while supporting economic growth.
"Morphware's hybrid model of combining Bitcoin mining with AI services represents a new paradigm in sustainable technology deployment," Trabing told USA Today. "It's a blueprint for how tech companies can drive innovation while contributing to local economic development."
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