San Juan, Puerto Rico, November 01, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – BOTS, Inc. (OTC: BTZI), (“BOTS” or “The Company”), a global technology conglomerate specializing in blockchain solutions, including including decentralized financial applications, cybersecurity, crypto generation, mining, equipment repair and collateral announced today that it has filed a blockchain-based provisional patent application with the Patent Office of the United States (USPTO).
The patent application relates to a power source verification proof method and devices for cryptocurrency miners.
After conducting extensive research on the technology and the market, BOTS, INC. discovered that developing this technology and obtaining patent protection would be a “huge opportunity as this technology could become a standard and viable method for certifying Bitcoin and other cryptocurrencies mined from non-energy sources. fossils. “said Mr. Gordiev, CEO of BOTS, Inc .. He added:” BTZI could become the global ‘Green Bitcoin’ certification body for carbon neutral bitcoin miners, while the device and technology could be sold and licensed to miners. ”BTZI intends to help make cryptocurrencies more environmentally sustainable through this method.
BTZI believes that this technology will become the gold standard for verifying the power source. The main function of this intellectual property is to use a blockchain to provide certification as to the “carbon footprint” of the specific mined cryptocurrency. This technology centers on the “concept” of a proof of power record that must be written simultaneously or independently on the same cryptocurrency Blockchain, or alternatively, on a completely different Blockchain. This concept may or may not include the actual verification of the green energy source used.
In addition, the patent covers the protection of intellectual property for the material supporting this technology. This hardware includes transfer switches, smart meters, smart circuit breakers, distribution panels and isolation switches. This hardware development will enable the company to become a hardware manufacturer of proof-of-power intelligent devices, thereby adding a huge additional revenue stream with further market diversification. Another advantage of the development of this power verification equipment is that these devices can be used in all electricity markets.
The Wall Street Journal recently published an article titled “Crypto Miners Struggle to Cut Carbon Emissions”, which addressed the problems of producing cryptocurrencies such as bitcoin which require abundant and cheap electricity, putting pressure on the industry. . Bitcoin mining has gained a bad reputation for consuming cheap electricity in search of profit; but now bitcoin miners are trying to go green — up to a point. Companies that mine bitcoin aim to power their computers with renewable energy or register with data centers that rely on the sun or the wind. Falling renewable energy prices and rising bitcoin prices still keep profit. But much of bitcoin mining continues to depend on fossil fuels, including coal, the cheapest and dirtiest source of energy.
Miners say they think about the environment, but they have other incentives to reduce their carbon emissions: Investors, who increasingly include carbon emissions in their research, push them to do better. New York state lawmakers are considering a bill to ban the use of fossil fuels to mine bitcoin and call on miners to document their carbon footprint. The Securities and Exchange Commission is also considering measures requiring publicly traded companies to disclose weather data.
Most of the more lucrative cryptocurrencies, including bitcoin, use a power-intensive process called proof of work to validate transactions. This requires significant computing power, which requires a lot of electricity: the lower the price of electricity, the greater the profit. Unfortunately, sometimes the cheapest sources are the dirtiest, leading some miners to restart previously decommissioned coal-fired power plants. In places where renewable resources are abundant, mixing green energy with coal, natural gas or other sources can give miners an advantage.
“If you mine crypto, you care about the cost of electricity and you don’t have the luxury of worrying so much about the climate,” said Alex de Vries, an economist who created the Consumption Index. Bitcoin energy. In his view, as previously reported, some bitcoin miners are attacking their energy needs by restarting decommissioned coal-fired power plants.
BTZI has realized that Bitcoin’s mining operations are drawing criticism from communities across the country and around the world who say the fossil fuels burned to make the cryptocurrency are causing too much pollution.
“Crypto has a carbon intensity problem,” said Paolo Natali, director of the Rocky Mountain Institute’s Climate Intelligence program. This problem led to the creation of the Crypto Climate Accord last April — a voluntary framework that calls on cryptocurrency companies to reduce net carbon emissions from electricity to zero by 2030. Some 180 companies are doing so. are listed, said Natali. In fact, Gryphon Digital Mining joined the Crypto Climate Accord in May and announced that it had achieved zero carbon emissions. This was accomplished by launching a 21-megawatt installation, powered by hydropower, and registering with a digital hosting company that gets more than half of its electricity from renewable sources. It fills the void by purchasing carbon offsets, in the same way an airline can offset its carbon emissions.
Forbes Magazine reported: ‘Green Bitcoin Mining’: Big Profits from Clean Crypto. Bitcoin is infamous for wasting enough electricity to add 40 million tonnes of carbon dioxide to the atmosphere per year, but now a growing number of American miners are developing new green and lucrative strategies that are worth a fortune. For all of the supposed benefits of bitcoin, it’s also clear that the currency is an environmental disaster. Depending on the cost of bitcoin (a higher price attracts more miners), its global network absorbs between 8 and 15 gigawatts of continuous power, according to Cambridge. New York City only runs on 6 gigawatts, the Belgian nation on 10. The exact amount of carbon released into the atmosphere by bitcoin mining depends entirely on the energy source used. But the pollution is not negligible. To unlock a single bitcoin, miners need to power their machines around 150,000 kWh, enough juice to power 170 average American homes for a month.
With Bitcoin hitting a new high of $ 66,974, more companies are entering the mining industry. The importance of BTZI’s invention is that we will be able to monitor and certify the energy source of each bitcoin mined as “green” in the case of non-fossil fuels, and in this way we will contribute to reduce the impact of Bitcoin on the climate and the environment.
To date, BTZI has a portfolio of several patents with the USPTO. These patents include No. 9,135,787 – “Bitcoin Kiosk / ATM Device and System Integrating Enrollment Protocol and Method of Use the Same”. Known as the “Bitcoin ATM Patent,” this patent relates to the buying and selling of cryptocurrencies using an ATM or Bitcoin kiosk that allows customers to purchase cryptocurrency. Bitcoin or other cryptocurrencies using cash, debit or credit cards. Many of the elements of this intellectual property (IP) will be “standard essential claims”, which are essential to the functioning of Bitcoin ATM networks. An exclusive intellectual property license for its Bitcoin ATM IP wallet was also recently added. The IP wallet now includes a license agreement for US patent 10,332,205 B1 (Bitcoin kiosk / ATM device and system and method of use thereof).
About BOTS, Inc.
BOTS, Inc. is a global technology company specializing in Blockchain-based solutions, including decentralized financial applications, cybersecurity solutions, and has a portfolio of digital assets and crypto-related businesses such as BeadSwap, a decentralized crypto exchange, Bitcoin ATMs and corresponding US patents and Cyber Security Group LLC, an ISO / IEC 27001: 2013 Information Security Management System certified company. The Company also provides consulting, optimization and repair and insurance services for crypto-mining equipment.
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