The Finnish software developer Atostek has developed a new energy efficient cryptocurrency to solve the vast energy consumption problem inherently related to Bitcoin. The developed new blockchain technology has major impacts to e.g. electric vehicle range.
– According to the newspapers, each Bitcoin transaction consumes 242 kWh. Maintaining the global Bitcoin network is said to require as much electricity as Bulgaria, says Dr. Jarkko Niittylahti, Docent in Digital Technology and the Chairman of the Board at Atostek.
– Our blockchain innovation is based on using qubits, i.e., quantum computing which gives constant speed in cryptocurrency mining and thus low energy consumption. The constant speed inspired the name “cubitcoin” which should not be confused with qubits, explains Mr. Mika Torhola, the managing director of Atostek.
– The new cryptocurrency is just the first step to improve the total energy efficiency, promises Dr. Niittylahti.
– We propose solar power plants in Sahara whose electricity would be immediately converted to cryptocurrency on-site. The cryptocurrency can be transmitted to cold northern areas through the Internet with neglible energy losses. The cryptocurrency can be converted back to electricity simply by purchasing energy.
– The next step would be to use the cryptocurrencty to purchase hardware designed exclusively for cryptocurrency mining and replace all electric heating appliances with this dedicated hardware. The waste heat would provide the same heating power as before and the produced cryptocurrency would be a free byproduct, concludes Niittylahti.
– Furthermore, storing cryptocurrency is much more simple than storing electric energy. A suitable media for storing cryptocurrency would be a common memory stick. A 128 GB stick filled with cryptocurrency yields energy density ratio of 1 500 TWh/kg which overwhelmingly exceeds lithium battery’s 0,25 kWh/kg, calculates Dr. Risto Pitkänen at Atostek.
– Such a large increase in energy storage density might give electric vehicles practically unlimited operation range. An electric vehicle could purchase more electric energy while moving instead of carrying heavy batteries, continues Dr. Pitkänen.
Mr. Mika Torhola estimates that the innovation could create 10.000 new jobs in the Finnish mining industry in just three years. The new cryptocurrency technology has extremely high export potential due to Finland’s leading expertise in this area.
– Only today, we will give away free sample of cubitcoins at Atostek’s home page. We believe and hope that cubitcoins will increase in value and become the leading global medium of commercial exchange, concludes Mr. Torhola.
This was our April Fool’s joke 2018.