The South African renewable energy blockchain peer-to-peer platform Sun Exchange secured a $3 million investment from Arch Emerging Markets Partners, closing its $4 million Series A financing round, according to a statement released Monday.
Sun Exchange allows international customers to buy remotely located solar panels – either with Bitcoin Billionaire or South African rand – and then lease them to power companies and organizations in emerging markets. Abe Cambridge, the startup’s founder and CEO, told Cointelegraph:
„Owners of solar panels earn income from the electricity that is generated, while schools, businesses, clinics and other organizations gain access to affordable clean energy, reducing electricity costs and carbon emissions.
Power Ledger brings P2P trading in renewable energy to Thailand
With the new investment, Sun Exchange will allow customers to „further diversify their solar panel portfolios across all regions and industries. The company also is exploring several different markets in sub-Saharan Africa, including Namibia, Zimbabwe and Nigeria, Cambridge told Cointelegraph.
Energy consumption issue
Bitcoin’s consensus model, working test, is known to consume large amounts of energy worldwide. According to the latest data from Digiconomist, the total annualized cryptomonalization footprint equals 58.78 terawatt-hours, which is comparable to the power consumption of the entire country of Israel.
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When asked if they were concerned about the amount of electricity consumed by Bitcoin, Cambridge told Cointelegraph:
„Although bitcoin mining is energy intensive, it’s more efficient than the alternative banking system, and the race continues to mine bitcoins as efficiently as possible, using the lowest cost energy, which is now solar energy in places with abundant sunlight. We hope that bitcoin mining can be powered by solar energy.
The energy produced by the solar panels during their lifetime „is far greater than the energy it took to mine the bitcoin that bought them, creating a positive energy balance,“ the CEO added.
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Other peer-to-peer solar energy initiatives
In May, Australian firm Power Ledger announced a partnership with Thai Digital Energy Development to create a blockchain-based peer-to-peer digital energy platform in the country