San Juan, Puerto Rico, Nov. 01, 2021 (GLOBE NEWSWIRE) — by way of NewMediaWire – BOTS, Inc. (OTC: BTZI), (“BOTS” or “The Firm”), a world expertise conglomerate specialised in Blockchain-based options together with decentralized finance purposes, cybersecurity, crypto era, mining, gear restore, and warranties introduced as we speak that it filed a blockchain-based provisional patent utility in the US Patent Workplace (USPTO).
The patent utility is directed to a technique and gadgets for proof of energy supply verification for cryptocurrency miners.
After conducting in depth expertise and market analysis, BOTS, INC. discovered that creating this expertise and acquiring patent safety can be a “large alternative since this expertise may develop into a typical and viable technique to certify Bitcoin and different cryptocurrencies mined on non-fossil vitality sources,” acknowledged Mr. Gordiev, BOTS, Inc. CEO. He added, “BTZI may develop into the worldwide “Inexperienced Bitcoin” certifying physique for carbon-neutral bitcoin miners, whereas gadget and expertise may very well be offered and licensed to the miners.” BTZI intends to assist make cryptocurrencies extra environmentally sustainable by way of this technique.
BTZI believes that this expertise will develop into the gold commonplace for the Supply of Energy Verification. The first perform of this Mental Property is utilizing a Blockchain to supply certification as to the “carbon footprint” of the precise mined cryptocurrency. This expertise facilities across the “Idea” of a Proof of Energy report that should be concurrently or independently written to the equivalent cryptocurrency Blockchain, or alternatively, to a special Blockchain altogether. This idea could or could not embody the precise verification of the supply of inexperienced vitality used.
Moreover, the Patent covers the Mental Property Safety for the supporting {hardware} of this expertise. This {hardware} contains switch switches, good meters, good breakers, distribution panels, and isolation switches. This {hardware} improvement will allow The Firm to develop right into a {hardware} producer of good, Proof of Energy Gadgets, thereby including an extra big income stream with additional market diversification. One other good thing about creating this Energy Verification {hardware} is that these gadgets may very well be utilized in all energy markets.
The Wall Avenue Journal just lately printed an article entitled “Crypto Miners Wrestle to Reduce Carbon Emissions,” which mentioned points of manufacturing cryptocurrencies akin to bitcoin that requires ample low-cost electrical energy, placing strain on the business. Bitcoin mining has earned a nasty repute for guzzling low-cost electrical energy within the pursuit of earnings; however now, bitcoin miners try to go inexperienced — to some extent. Firms that mine bitcoin are aiming to energy their computer systems with renewable vitality or join information facilities that rely on the solar or wind. Falling costs for renewables and rising costs for bitcoin make it doable to nonetheless earn a revenue. However a lot of bitcoin mining continues to depend on fossil fuels, together with coal, the most affordable and dirtiest energy supply.
The miners say they’re excited about the setting, however they produce other incentives to scale back their carbon emissions: Traders, who more and more are making carbon emissions a part of their analysis, are urgent them to do higher. Legislators in New York State are contemplating a invoice banning using fossil fuels to mine bitcoin and are calling for miners to doc their carbon footprints. The Securities and Alternate Fee is also contemplating measures requiring publicly traded corporations to reveal local weather information.
Most of the most profitable cryptocurrencies, together with bitcoin, use an energy-intensive course of known as proof of labor to validate transactions. That requires important computing energy, which requires numerous electrical energy: the decrease the value of electrical energy, the larger the revenue. Sadly, the most affordable sources are generally the dirtiest, main some miners to restart beforehand decommissioned coal-fired crops. In locations with ample renewable sources, mixing inexperienced energy with coal, pure gasoline, or different sources may give miners an edge.
“In case you are mining crypto, you care about the price of electrical energy, and you do not have the posh to care concerning the local weather a lot,” stated Alex de Vries, an economist who created the Bitcoin Vitality Consumption Index. To his level, as beforehand acknowledged, some bitcoin miners are tackling their vitality wants by restarting decommissioned coal-fired crops.
BTZI realized that Bitcoin mining operations are drawing criticism from communities across the nation and worldwide who say the fossil fuels burned to make the cryptocurrency are inflicting an excessive amount of air pollution.
“Crypto has a carbon-intensity downside,” stated Paolo Natali, principal on the Rocky Mountain Institute’s Local weather Intelligence program. That downside led to the creation of the Crypto Local weather Accord this previous April — a voluntary framework that asks cryptocurrency companies to scale back web carbon emissions from electrical energy to zero by 2030. Some 180 corporations have signed up, Mr. Natali stated. The truth is, Gryphon Digital Mining joined the Crypto Local weather Accord in Could and introduced that it had achieved net-zero carbon emissions. This was achieved by launching a 21-megawatt facility, powered by hydroelectric energy, and signing up with a digital internet hosting firm that will get greater than half of its energy from renewable sources. It fills the hole by shopping for carbon offset credit, the identical means an airline can offset their carbon emissions.
Forbes journal reported: ‘Inexperienced Bitcoin Mining’: The Large Earnings In Clear Crypto. Bitcoin is notorious for losing sufficient electrical energy so as to add 40 million tons of carbon dioxide to the ambiance a yr—however now, a rising cadre of U.S. miners are creating inexperienced and profitable, new methods value a fortune all their very own. For all bitcoin’s purported advantages, it is also clear that the foreign money is an environmental catastrophe. Relying on bitcoin’s value (a better worth attracts extra miners), its world community sucks up between 8 and 15 gigawatts of steady energy, in keeping with Cambridge. New York Metropolis runs on simply 6 gigawatts, the nation of Belgium on 10. Precisely how a lot carbon is launched into the ambiance by bitcoin mining relies upon fully on what vitality supply is used. However the air pollution is just not negligible. To unlock a single bitcoin, miners should feed their machines about 150,000 kWh, sufficient juice to energy 170 common U.S. properties for a month.
With Bitcoin Hitting a New Report Excessive of $66,974, an increasing number of corporations are coming into the mining business. The significance of BTZI’s invention is that we will monitor and certify the facility origin of each bitcoin mined as “inexperienced” in instances of non-fossil fuels, and this fashion, we’ll contribute to decreasing Bitcoin’s influence on local weather and the setting.
So far, BTZI has a portfolio of a number of patents with the USPTO. These patents embody No. 9,135,787 – “Bitcoin Kiosk / ATM Machine and System Integrating Enrollment Protocol and Technique of Utilizing the Similar.” Often called the “Bitcoin ATM Patent,” this Patent is said to the acquisition and sale of cryptocurrencies using a Bitcoin ATM or kiosk that permits prospects to buy Bitcoin or different cryptocurrencies by utilizing money, debit, or bank cards. Most of the parts of that mental property (I.P.) will probably be “standard-essential claims,” that are crucial for the Bitcoin ATM networks to function. Additionally just lately added is an unique license of the mental property for its Bitcoin ATM I.P. portfolio. The I.P. portfolio now contains licensing settlement for patent US 10,332,205 B1 (Bitcoin kiosk/ATM gadget and system and technique of utilizing the identical).
About BOTS, Inc.
BOTS, Inc. is a world expertise firm specialised in Blockchain-based options, together with decentralized finance purposes, cybersecurity options, and owns a portfolio of digital property and crypto-related companies akin to BeadSwap, a decentralized crypto alternate, Bitcoin ATM machines, and corresponding U.S. patents and Cyber Safety Group LLC, an ISO/IEC 27001:2013 Info Safety Administration System licensed firm. The Firm additionally gives crypto mining consulting, optimization, and crypto mining gear restore and insurance coverage.
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Ahead-Wanting Statements
Sure statements contained on this press launch could represent “forward-looking statements.” Ahead-looking statements present present expectations of future occasions based mostly on sure assumptions and embody any assertion that doesn’t straight relate to any historic or present truth. Precise outcomes could differ materially from these indicated by such forward-looking statements because of numerous essential elements as could also be disclosed within the Firm’s filings. Along with these elements, precise future efficiency, outcomes, and outcomes could differ materially due to extra normal elements, together with (with out limitation) normal business and market situations and development charges, financial situations, and governmental and public coverage modifications. The forward-looking statements included on this press launch signify the Firm’s views as of the date of this press launch, and these views may change. Nonetheless, whereas the Firm could elect to replace these forward-looking statements in some unspecified time in the future sooner or later, the Firm particularly disclaims any obligation to take action. These forward-looking statements shouldn’t be relied upon as representing the Firm’s views as of any date subsequent to the date of the press launch. Such forward-looking statements are dangers which might be detailed within the Firm’s web site and filings.
Contact:
Oleksandr Gordiev
CEO
data@bots.bz
