Power generation technology developer Acwa Power has adopted SolarCoin – the global reward programme for solar electricity generation – marking the first time a utility-scale generator joins the SolarCoin ecosystem.
SolarCoin will provide digital tokens to Acwa Power for every MWh of solar energy produced and will provide a supplementary means of payment for goods and services than conventional currency.
SolarCoin is a blockchain-based digital asset and currency designed to accelerate the global transition to clean energy technology.
The energy-referenced cryptocurrency aims to incentivise global solar energy production by disbursing digital coins for verifiably produced solar energy, rewarding energy producers with digital tokens at the rate of one SolarCoin for each megawatt hour of solar energy produced.
SolarCoin is global, decentralised and independent of any government. By leveraging SolarCoin, Acwa Power will be rewarded for helping build a more sustainable future.
SolarCoin uses an ultra-low-carbon blockchain technology called proof-of-stake time to maintain the open source ledger system. The proof of stake algorithm is significantly less energy-intensive than methods used by other cryptocurrencies.
As the price of solar coins appreciate, through more users agreeing to accept SolarCoin for value representation and transactions, claiming SolarCoins can become an additional and relevant revenue stream for solar power producers, resulting in an incentive for solar energy investors to install more generation capacity.