Building Reliable and Sustainable Future for Cryptocurrencies in Kenya

July 5, 2021

Learn how cryptocurrencies can be more responsible and sustainable in the near future and how Kenya is leading the way forward. 

Kenya and the Rise of Responsible Cryptocurrencies

Have you ever wondered where cryptocurrencies come from? Are they programmed by individuals, or are they the result of peer-to-peer networks? The latter is, in fact, true, but to get to cryptocurrencies, often a lot of computing power needs to be expended, and that costs electricity. When visiting to check out for a suitable bonus, you hardly have to use much electricity, but cryptocurrencies are usually power-hungry.

Tony Sloterman, who is the product owner at Casino Bonuses Finder, argues that the power-hungry concept can be replaced by what he argues are responsible cryptocurrencies, and he is right. There are generally two concepts to responsible cryptocurrencies, and Kenya is definitely a place where this type of “mining” can prosper.

How Are Cryptocurrencies Created?

There are two main models of creating cryptocurrencies in the world – a Proof of Stake and a Proof of Work. The first one suggests that a new currency is created just by everyone agreeing that it exists – as a result, this is a very efficient way to “create crypto.” 

The second one, Proof of Work, asks you to spend your computing power on solving complex mathematical problems, but make no mistake – not one, not a hundred computers can solve this problem on their own. You need thousands of peer computers tilting at mathematical algorithms. Once a problem is solved, new crypto is born, and this is precisely how Bitcoin came to be. 

And this is where the issue with cryptocurrencies come – high utility bills and a lot of power consumption. Kenya, though, may have an answer for this complication.

Responsible Cryptocurrencies, What Are They?

The term responsible cryptocurrencies doesn’t necessarily apply to PoS or PoW cryptocurrencies. Rather, it’s a term that denotes crypto mining that has shifted to renewable sources of energy. 

Kenya is a leader in providing companies with vast swathes of lands that can be populated by solar panels translating in the necessary energy needed to maintain a healthy pace of mining, and while such installations are not cheap, they are definitely a much greener way.

In fact, harnessing the power of the sun is becoming a more viable method of maintaining our electricity needs and one that is also working in Kenya as the country’s crypto mining companies and operations are really rededicating their efforts there. 

Green crypto mining is not just en vogue in Kenya – it’s the way forward. Tesla forfeited Bitcoin arguing that the currency wasn’t clean enough, but if Bitcoin finds a way to become greener, the carmaker would gladly welcome it back. 

And so, Kenya is essentially showing the way how cryptocurrencies can become more responsible and, more importantly – sustainable. 

Is It Worth It?

The short answer is yes – thanks to solar panels, it can last for decades. A single solar panel can last between 25-30 years at full capacity, but it will start deteriorating after that. Does that mean you should discard the solar panel? Not at all, but it also means that the energy produced will be a little less efficient.

In any event, if Kenya buys more solar panels now, the ones that come in 30 years will be so much more powerful and efficient that the future of the country will depend on solar entirely. 

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