SolarCoin – green cryptocurrency
Today we are looking for different ways to earn extra money. Some people bet on free slot machines in online casinos, others on bookmaker bets. Cryptocurrencies are quite popular, which can bring us profits with a good investment. However, the problem with crypto is that it uses too much energy to mine it. This is why more and more alternative cryptocurrencies are created. One of them is SolarCoin labeled as SLR. What you should know about it?
The problem with cryptocurrencies
There has been a huge boom in cryptocurrencies for a few years now. Plenty of people are investing in them, especially by mining them. In the case of most crypto, especially bitcoin, ethereum digging currency is associated with the performance of complex mathematical tasks by computers. These must have advanced graphics cards, and often even digging farms are created, which consist of a dozen or more graphics cards, computers. It causes a lot of energy consumption. Digging is especially popular in those countries where electricity is not green and comes from coal, oil, gas. For this reason, in 2020, BTC alone consumed more energy worldwide than many countries. This contributed to Musk dropping support for BTC. Therefore, one looks for alternatives, and one of them is SLR.
What is SolarCoin?
In 2014, a special SolarCoin Foundation was established . Its main task has become to promote solar energy, especially by generating it. For this reason, a system was created to reward those who invest in photovoltaics. Any willing person with solar panels can register on SolarCoin’s website and then participate in the entire system. The idea is that for every 1 MWh of solar energy produced, you get 1 SLR as a reward. So the more we produce, the more crypto we will have in our account. So, unlike bitcoin, not only do we not consume electricity to mine cryptocurrency, but on the contrary, each SLR is even related to its production. In this way, we not only contribute to the protection of the environment, but also reduce our bills.
The current system is that once every 6 months we send a report to the SolarCoin website with our production results, and after verification, SLRs are sent to our e-wallet. Thanks to this, in principle, we gain cryptocurrency for free, which may one day turn out to be a good investment for us.
Will it give us a profit?
As we have already written, SLR production is essentially free, unless of course we include the cost of building photovoltaic installations. Therefore, we can treat the acquisition of SolarCoins as an addition to the daily operation of our system. However, the case is slightly different with the value of the cryptocurrency. When we see that BTC can cost over 60,000 USD, we can already see in our mind’s eye significant profits from SLR. Unfortunately, the current situation looks bleak. At the end of 2021, 1 SLR was worth just $0.00436. This is practically zero, which does not allow us to expect profits. However, here is a positive approach. Already in 2018, at its peak, 1 SLR was worth over USD 2.3. Perhaps SolarCoin will follow exactly the same path as other cryptocurrencies, so that in a few months, a few years it will be worth much more, and then our stored SLR on the account will already be a good investment.