PIETA NETWORK: Mining Cryptocurrency with Renewable Energy Resource

Background

It has been well-documented that popular cryptocurrencies such as Bitcoin and Ethereum combined use more energy than Iceland, Syria and Jordan. The good news though, is that this is driving crypto-miners to use clean energy, lowering costs, helping the planet and even generating profit.

Mining is the process by which new crypto coins are created. Unlike traditional money that is printed and distributed by the government, cryptocurrency doesn’t have a ‘central government’.

Instead, ‘miners’ use software to solve mathematical equations (known as hashes) which verify transactions. As an incentive, each miner receives a small amount of cryptocurrency in exchange; a service that could be described as competitive bookkeeping.

The mining process itself is both computationally and energy intensive, especially as the millions of processors worldwide need to be cooled, using even more power. Sebastiaan Deetman, an environmental researcher from Leiden University calculated that if the Bitcoin network continues expanding at this rate, it could draw over 14 Gigawatts of electricity by 2020. This is the same total power generation capacity as Denmark.

As the value of popular virtual currencies increases, so too does their potential to expand and be transacted; this means more strain on the grids. In Venezuela, for example, authorities uncovered a warehouse full of 10,000 mining computers, reportedly drawing enough electricity “to power a whole town.” On the bright side, however, this is also pushing some companies and individuals to mine cryptocurrencies using renewable energy.

Whilst it’s much harder to profit from mining on your home computer than it used to be, clean energy might just bring some of the smaller players back in the game. The PIETA NETWORK project is an innovative examples of crypto-mining, harnessing the power of mother nature.

What is PIETA NETWORK?

Developed in 2018, PIETA NETWORK is a sustainable operation based in Arab Saudi that plans to optimize the cost of production through the construction or acquisition of unconventional sources of electricity through renewable energy and he new X20 algorithm which will keep the mining equipment cooler.

Founded by Rawi R. Alsayed, the main goal of this company is to drive adoption of blockchain powered renewable and efficient energy solution for businesses of all scale and size. PIETA NETWORK envisions to make Mining a profitable and attractive affair for everyone irrespective of the individuals technological and financial prowess.

PIETA NETWORK development Plants are fully automated and do not require maintenance personnel and no raw materials are required. Also, their plants aim to resolve a number of environmental concerns, substantially reducing carbon emissions with internally developed security system for mining modules and software protection. The low energy (carbon) emission will also have a positive impact on the environment.

How does it works?

To be a part of the pool, miners must have PIETA NETWORK native token, PITC. PITC token is one of the most anticipated tokens of the year, both in terms of popularity and investor profitability. Besides providing multiple revenue options to the holders of the tokens, Pieta enables users to engage in quick and cost-effective blockchain mining for amazing returns.

The ICO

PITC Token is available for purchase during PIETA NETWORK Initial Coin Offering (ICO). Currently, It is on the pre-ICO phase. The total of 900,000 tokens is available on this phase with the initial price of $0.25 to $0.75 equivalent to BTC or Dogecoin. An exclusive bonus of 40% will be given to all the pre-ICO buyers. This phase will end on May 14, 2019.

Meanwhile, the ICO phase will will be held in 6 phases between May 15 and November 14, 2019. The price per token at the time will be $1.5 to $5 equivalent to BTC, Dogecoin or ETH. The total of 9,000,000 tokens will be available to purchase. The company will spend part of the funds raised during the ICO for Branding and Marketing (35%), Development & Infastructure (20%), Investment & Charity (20%), Group Operations & Administration (15%), Legal & Finance (5%), and Platform Operations & Security Audits (5%).

The Team

The PIETA NETWORK project team consists of passionate people on making cryptocurrency mining more profitable and environmental-friendly.

Useful Links:

Whitepaper: https://pieta.network/WhitePaper.pdf
Website: https://pieta.network/

Author: 

BitcoinTalk Username: minstan
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=2602172
ETH Address: 0x0aa518D8CdCa212631d6363fe0fcD67e56BFb44c