Acwa Power buys into blockchain currency

15th January 2018

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

Font size: - +

Power generation technology developer Acwa Power has adopted SolarCoin – the global reward programme for solar electricity generation – marking the first time a utility-scale generator joins the SolarCoin ecosystem.

SolarCoin will provide digital tokens to Acwa Power for every MWh of solar energy produced and will provide a supplementary means of payment for goods and services than conventional currency.

SolarCoin is a blockchain-based digital asset and currency designed to accelerate the global transition to clean energy technology.

The energy-referenced cryptocurrency aims to incentivise global solar energy production by disbursing digital coins for verifiably produced solar energy, rewarding energy producers with digital tokens at the rate of one SolarCoin for each megawatt hour of solar energy produced.

SolarCoin is global, decentralised and independent of any government. By leveraging SolarCoin, Acwa Power will be rewarded for helping build a more sustainable future.

SolarCoin uses an ultra-low-carbon blockchain technology called proof-of-stake time to maintain the open source ledger system. The proof of stake algorithm is significantly less energy-intensive than methods used by other cryptocurrencies.

As the price of solar coins appreciate, through more users agreeing to accept SolarCoin for value representation and transactions, claiming SolarCoins can become an additional and relevant revenue stream for solar power producers, resulting in an incentive for solar energy investors to install more generation capacity.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION