How artificial intelligence can green the cryptocurrency industry

A brand new white paper from Veritone examines how synthetic intelligence will help inexperienced cryptocurrency — one of many dirtiest industries round.

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Cryptocurrency mining is among the dirtiest industries there may be, based on a brand new white paper from Veritone. The paper says that mining for Bitcoin alone, simply one among many standard cryptocurrencies, consumes seven occasions the overall quantity of vitality utilized by Google for all of its operations. This presents an infinite problem: How can mining operations be each good company stewards and hold tempo with trade progress?

The reply, Veritone says, is synthetic intelligence (AI). On this paper, Veritone explains how Amshore Renewable Vitality used AI and machine studying to tell the design of a 249-MW renewable vitality microgrid for a cryptomining consumer. “Central to this challenge was the power to reliably generate enough energy on-site to satisfy the mining load — whereas maintaining capital and upkeep prices to a minimal,” the paper says.

The client wished to attract solely minimal vitality from the grid, so a battery storage system was additionally included within the challenge’s specs.

It’s wonderful {that a} machine can do in minutes what it usually takes human engineers weeks to do. And it’s not simply pace. These forecasts and simulations are bankable, which permits us to develop sustainable microgrid initiatives with a lot better confidence. — Veritone, “Using AI to Shrink Crypto’s Carbon Footprint“

Synthetic intelligence within the type of Veritone’s iDERMS Designer was used to run hundreds of simulation fashions to seek out the “best stability of on-site renewable vitality era and storage to make sure the cryptocurrency mining firm may obtain its sustainability, funding and operational targets.” The paper outlines a number of the historic and real-time knowledge factors utilized in these simulations.

AI-powered simulation fashions have been additionally used as an example how design selections would affect the general feasibility, value and return on funding of the microgrid challenge — serving to the shopper to “perceive the trade-offs between value, grid independence and reliability.”

The paper consists of key takeaways from the challenge about whole value inflection factors and the affect of utterly eradicating all connection to the grid.

Download the white paper totally free from the Microgrid Information white paper library.