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Cryptocurrency and The Solar Industry

July 16, 2018

In many ways, 2018 has been the year of cryptocurrency. Modern currencies such as Bitcoin have been making headlines as values have risen, fortunes have been made, while others have criticized this new way of conducting financial transactions. Cryptocurrency has many uses, but did you know that it’s impacting the solar industry? That’s because of SolarCoin, a type of cryptocurrency that’s designed to help solar customers. At Greenleaf Solar, we want our customers to know everything they can about solar power.

GreenLeaf Solar is Long Island’s Leader in Solar Energy

GreenLeaf Solar helps Long Island residents benefit from the solar energy revolution. We tell our customers all about the ways they can save money while being kind to the planet by installing solar panels. Whether you live here or run a business, we’ll take you through the installation process and let you know about all of the warranties and benefits related to solar. We keep on top of all trends in the solar industry, so we want you to know about cryptocurrency, SolarCoin, and solar power.

All About Cryptocurrency and SolarCoin

If you’re unfamiliar with it or don’t understand how cryptocurrency works, you’re not alone. Many people have questions and confusion. Basically, cryptocurrencies are electronic peer-to-peer currencies, according to the Motley Fool. Unlike the currency you have in your wallet, you won’t receive any coins or bills, but your transactions will be recorded on a digital ledger called a blockchain.

A blockchain serves as the infrastructure of cryptocurrency. It doesn’t just record the transaction once; the digital ledger is served on hard drives throughout the world. This keeps the transactions secure. There are more than a thousand cryptocurrencies, with the most famous being Bitcoin.

SolarCoin is a cryptocurrency that caters to solar power usersAccording to SolarCoin’s website, it was created in 2014 as an incentive to benefit the environment. According to Politico, SolarCoin works like a reward program for people and businesses who use solar panels. Solar users can get a coin for each megawatt hour of electricity they use. SolarCoin customers have to send verified meter readings and volunteers check and confirm the readings.

The founders of SolarCoin have set a maximum limit of 97.5 billion coins that can be claimed over the next 40 years. SolarCoin owners can use the cryptocurrency to shop online through stores that are partnered with the project, or trade them for more traditional currencies. It is making an impact around the world. According to Thompson Reuters, the Eastern European country of Moldova is using SolarCoin to quell high energy prices. The country imports more than three-quarters of its energy. The country turned to SolarCoin to speed up return on investment.

“One of the biggest obstacles to countries investing in renewable energy is a lack of finance, as you often have to wait 10 to 15 years before you get a return on your investment,” Dumitru Vasilescu, a United Nations program manager told Thompson Reuters.

GreenLeaf Can help You Benefit From Going Green

If you want to benefit from the green revolution, GreenLeaf can get you started. We’ll explain to you all about the savings and benefits of solar power and we’ll give you a professional installation. To learn more, contact us today.