Bitcoin miners are more than just mining Bitcoin. They become a full-fledged energy company. That’s the future, says Evan Owens, Cadena’s vice president of business development.
“Bitcoin miners today are clearly mining Bitcoin, but in 10 years it will become an energy company, and Bitcoin mining will be a small part of that,” Owens told Jackson Hinkle of Thestreet Roundtable. He believes critics misunderstand how mining evolves. And the industry believes it will help rebuild America’s energy infrastructure and strengthen the untapped countries.
Built by former JP Morgan developers, Cadena is a layer 1 that doubles the Proof of Work (POW), but is much more efficient than Bitcoin and other POW protocols.
“The architectural change (our founders) think when they build Cadena… the way the chainweb mitigates it will mitigate it,” Owens explained.
ChainWeb is Kadena’s multi-chain architecture that allows multiple POW chains to run in parallel. Transactions expand and make your system much more scalable and efficient, without sacrificing the core security of the POW.
“Our miners use far less energy than miners who proof of Bitcoin work,” he pointed out. While Pow remains energy-intensive in nature, Kadena argues that it doesn’t have to be the villain it is often made up of. As codes mature, sustainability is less in abandoning prisoners, and rethinking it can lead to more addiction.
Owens pointed to real-world examples of innovation in mining. He highlighted Crusoe Energy, a startup that uses flare gas from North Dakota oil fields. “When mining natural gas, there are derivative gases that are usually waste. They use it to power the mining rig.”
This model – what turns wasted energy into usable power for mining can be key to reimagining the cryptographic image. Instead of being an energy pig, miners could become a major player in renewable and distributed power systems.
“I think people have completely wrong what the miners’ impact will be,” Owens said.