LO3 Energy Secures Investment from Global Energy Giants Shell and Sumitomo

LO3 Energy Secures Investment from Global Energy Giants Shell and Sumitomo

Startups from the energy have already started studying blockchain technology and exploring the ways to utilize it to track and monitor energy products. Now, another energy startup called LO3 Energy flashed into the blockchain news as two global corporate giants, Shell Ventures and Sumitomo Corporation Group, invested in the company to develop a blockchain-based platform. LO3 energy has announced the investment in a press release, saying that the support from these global energy firm will…

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Clearway Energy Utilizes Blockchain to Pilot Marketplace for Renewable Energy Credits

Clearway Energy Utilizes Blockchain to Pilot Marketplace for Renewable Energy Credits

United States-based clean energy development firm Clearway Energy Group is launching a pilot program for both trading and tracking renewable energy credits (or RECs) on a blockchain, Bloomberg reported on June 28. As more states are encouraging solar, wind and other green power projects, Clearway Energy Group might take it as an opportunity to expand and upgrade their business with the latest blockchain technology developments. Blockchain, a decentralized database, has a number of applications when…

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The U.S. Department of Energy Collaborates with Blockchain Firm to Secure the Electric Grid

The U.S. Department of Energy Collaborates with Blockchain Firm to Secure the Electric Grid

The U.S. Department of Energy’s (DOE) National Energy Laboratory (NETL) has announced Phase II of its project to safeguard the electric grid from cyber attacks. The project is blockchain-based with $1 million in research funding and is being conducted in collaboration with a Colorado-based company called Taekion. The press release states: “Through this $1 million research effort, Taekion is exploring how blockchain technology can be used in a similar fashion to secure a power plant,…

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Missoula County Commissioners Want Cryptocurrency Miners to Shift to Renewable Energy Practices

Missoula County Commissioners Want Cryptocurrency Miners to Shift to Renewable Energy Practices

Cryptocurrency mining has been blamed for creating a huge electricity and energy crisis. According to some reports, by 2025 Bitcoin mining would require more energy than available on the planet. While these reports might be grossly exaggerated in most cases, the dramatic increase in energy demands is real for areas which have attracted mining operations due to favorable energy costs or colder weather. Large cryptocurrency operations are sure to leave a lasting impact on the…

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America’s Top Energy Giants Launch the First Oil and Gas Blockchain Consortium

America’s Top Energy Giants Launch the First Oil and Gas Blockchain Consortium

According to a press release on Feb. 26, seven American oil and gas industry giants have come together to form the very first oil and gas industry-specific blockchain consortium in the United States. The consortium is comprised of American industry giants ExxonMobil and Chevron and other five companies – ConocoPhillips, Equinor, Hess, Pioneer Natural Resources and Repsol. The oil and gas industry blockchain consortium will be residing under the Offshore Operators Committee (OOC) that is…

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Bitmain Introduces New Lower Energy-Consuming Chip for Bitcoin Mining

Bitmain Introduces New Lower Energy-Consuming Chip for Bitcoin Mining

Hong Kong-based crypto mining rig manufacturing giant Bitmain Technologies Limited revealed its next-generation 7nm ASIC chip to mine SHA-256 cryptocurrencies like Bitcoin and Bitcoin Cash. According to Bitmain, this newly designed mining chip is 28.6% more efficient than Bitmain’s previous 7nm chip, the BM1391. This mining chip will be available in new Antminer models the S17 and T17 as announced by by the company. Since inception, Bitmain is pushing the edges of computing power by…

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US Department of Energy Begins Funding Blockchain Projects up to Almost $5 Million

US Department of Energy Begins Funding Blockchain Projects up to Almost $5 Million

The U.S. Department of Energy’s (DOE) Office of Fossil Energy (FE) has announced up to $4.8 million in federal funding for research and development (R&D) of blockchain projects. The fossil energy sector is increasingly being overlooked by graduates as the media and public opinion largely focuses on the benefits of renewable energy and the scaling back of fossil energy. However, is fair say that fossil energy isn’t going anywhere for a while. There have been…

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VAKT Launches Blockchain-Powered Oil Platform for Major Energy Companies

VAKT Launches Blockchain-Powered Oil Platform for Major Energy Companies

In a press release on November 29, it was revealed that the oil trading platform company VAKT has launched a blockchain based processing tool to an initial group of crude oil industry clients. VAKT provides a blockchain based platform for physical post-trade processing. It is an independent company that has the support of some major players in energy, commodity traders and banks. What makes this news so exciting is that VAKT is the world’s first…

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Blockchain-Powered Energy Network Power Ledger Named Winners of Richard Branson’s Competition

Blockchain-Powered Energy Network Power Ledger Named Winners of Richard Branson’s Competition

Power Ledger, an Australian blockchain-focused electricity provider has won the global technology competition run by Sir Richard Branson. About Power Ledger The Perth-based Australian company was founded in 2016 and provides a blockchain-powered energy trading platform and cryptocurrency . The platform allows customers to sell and buy renewable energy and gives them access to several energy markets around the world. The platform made it to the final three in the Extreme Tech Challenge (XTC) in…

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Energy Expert: The Problem Is Carbon-Based Energy, Not Bitcoin Mining

Energy Expert: The Problem Is Carbon-Based Energy, Not Bitcoin Mining

One of the most justifiably worrying aspects regarding Bitcoin is the cryptocurrency’s electricity consumption during the process of mining, and ensuing environmental consequences. According to estimations, Bitcoin mining is using over 200 million KWh on a daily basis (0.33% of the entire world’s electricity consumption) – a little more than all the yearly energy consumption in Austria and just a little less than in the Philippines. But a researcher from the University of Pittsburgh now…

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