12SHIPS wants to relieve power intensity of mining
Former Samsung Electronic executives have created a startup blockchain company to tackle some of the environmental concerns around cryptocurrency mining while delivering enhanced profit and making blockchain tech more mainstream.
Specifically, 12SHIPS says it wants to tackle some of the issues that it says miners currently face when using air cooling systems. According to the startup, many of the methods currently in use are energy intensive and create dust, which have a detrimental effect on the performance of semiconductor chips.
In a white paper, the company asserts that the level of electricity power consumed to mine bitcoin would see it rank as the 41st highest country in the world somewhere between Chile and Czech Republic.
The firm is introducing an immersion cooling method which reduces levels of heat generation substantially thereby increasing the efficiency of semiconductor chips. According to 12SHIPS’ white paper (which was not available at time of publication as the website was down), the total amount of power consumed while mining for Bitcoin would see it rank 41st highest country in the world in terms of electricity consumption – in between Chile and the Czech Republic.
More compact, more efficient
The company argues that there is an urgent need to create a safe, clean environment for mining – and it claims that immersion cooling is 100 times more effective than the cooling fans used in rigs currently. 12SHIPS says its mining rigs would be more compact because of their sophisticated cooling technology, meaning they can be installed in 20ft containers making them more environmentally friendly.
Here we present our plot plan for Panokseon in container module! We are currently running a simulations on the sites discussed. pic.twitter.com/LbSV0aLcDf
— 12SHIPS (@TwelveShips12) July 13, 2018
In addition, the company says excess heat generated can equates to tons of hot water per hour that can then be recycled and repurposed for factories, farms and other businesses – shaving millions a year off energy bills.
12SHIPS’ ICO presale is open until July 31 and a public sale will take place through August. It is hoped that development of Panokseon II, its mining machine, will be completed by October leading to construction of its infrastructure. The company claims it will distribute its first mining profits to token holders in December.