Cryptocurrency provides access to energyAccess to energy is necessary for daily life in most countries in the world. Electricity allows for economic development and innovation as well as securing basic human rights such as health and security. However, there are more than 1 billion people living without access to energy.

Solar Power and Cryptocurrency

One negative effect of not having secure and affordable access to energy is the expenditure that goes into coal. This leads to impoverished people being forced to buy expensive coal which further leads to environmental and health problems.

As a response to the scarcity of energy, the International Energy Agency confirmed that decentralized energy systems such as solar power would be the lowest cost option for electrification across sub-Saharan Africa due to its geographical location as well as the accessibility and practicality of the solar panels. With solar power, impoverished communities could use the electricity from solar panels to improve education, healthcare and socioeconomic developments.

Crytoeconomy Fueling Solar Energy Initiatives

This is where The Sun Exchange, a solar micro-leasing marketplace, and Powerhive, a rural mini-grid solutions provider, are partnering up to use crypto-economy to create a fully decentralized, blockchain-based global economic system that could distribute the full potential of solar power to impoverished people.

Sun Exchange states its purpose as buying solar cells and leasing them to schools and businesses in areas with a lot of sunlight. Fortunately, this lines up perfectly with the sub-Saharan region of Africa. Powerhive states that its purpose is to develop off-grid utility solutions to create a future where everyone has access to energy.

“Together, we are working towards a world where no one is forced to cook with unsafe kerosene or wood-burning stoves, no child has to worry about how they will study after dark, and lack of energy access ceases to propel cycles of poverty,” said Abraham Cambridge, Founder and CEO of Sun Exchange. “Our partnership with Powerhive underscores the SUNEX token sale opportunity to support a crypto project geared directly towards reducing global inequality and climate impact.”

For example, the new joint initiative plans to fund up to 150 new Powerhive rural mini-grid projects which will provide access to energy for 175,000 people in Kenya.

“At the heart of our projects are the communities we serve,” said Christopher Hornor, Founder and CEO of Powerhive. “By providing the power platform first and then layering in productive use programmes, we create a virtuous cycle of economic and personal empowerment that provides steady profits for both our customers and our investors. Our partnership with Sun Exchange will now give almost anyone the opportunity to invest in innovative low-carbon development projects in Africa and beyond.”

This partnership allows for the international community members to help improve lives across the world and make a small profit. This is possible because through Sun Exchange, individuals across the globe are able to purchase and own remotely-located solar projects set up by Powerhive.

The buyer would now earn a return for the power generated by his or her solar asset while the energy would undeniably improve the life of whoever received that energy in rural Africa. Also, because the payments are done through cryptocurrency such as Bitcoin, there are no complications that result from international transactions.

Hornor sums up this partnership as a positive step towards the future for renewable energy and universal access to energy. “The crypto-economy is the best tool we have to fight poverty, hands down. Our customers are hard-working people who have been excluded from the global economy. Now, we are able to bring them onto a platform of modern, clean power and to offer support for new businesses and opportunities for personal and intellectual enrichment.”

– Jenny S. Park
Photo: Flickr