If you’ve been involved for even a minute in the world of cryptocurrencies, blockchain, and distributed ledgers, you’ll know there’s a term for tokens that are entirely useless and destined to end up on the crypto garbage pile.
But one company is taking a very different approach to cryptocurrency mining, taking the waste we humans produce and converting it into energy, which is then used to mine new tokens. This gives the term an entirely new definition, one that is wholly more useful.
With a vision of being an eco-friendly blockchain ecosystem powered by waste to provide energy for power plants, 4New has announced a $30 million private equity institutional investment round from Mirach Capital. This is Mirach Capital’s first investment following the announcement of its $200 million crypto-fund late last year.
So how does it work?
4New has designed a process that utilizes anaerobic digestion technology to convert regular household waste and feedstock into electricity. This energy is currently sold to the U.K. National Grid.
It is important to note that this solution is not like other blockchain energy platforms.
“4New is not an energy exchange platform, like WePower and PowerLedger,” 4New CEO and founder Varun Datta told me. “The energy which is bought and sold by these other solutions is brokered, not produced by them. We are the energy producer, produced on a cost-negative basis by using government incentives and waste acceptance charges to offset the operational costs of the plant.”
And this isn’t vaporware, either. 4New’s power plants, which are located in…