Varun Datta has his eyes set on revolutionising the world of bitcoin as well as the energy market.
Sweden popularized the Waste To Energy (WTE) movement, and one Indian entrepreneur is taking that movement forward and integrating it with blockchain technology. Varun Datta, an Indian entrepreneur based in the UK, is looking to change municipal waste and the cryptocurrency world at the same time through his company, 4NEW.
Today, the power of blockchain is leading to an increase in cryptocurrency miners all over the world. The amount of energy required for 1 bitcoin transaction can power up to 30 homes in the US for one day. With global interest in cryptocurrencies increasing, this trend of massive energy consumption does not look to reduce anytime soon.
Varun Datta’s 4NEW looks at processing solid municipal waste in its WTE power plants. The power is produced through a closed chamber using anaerobic digestion techniques. The output from this process is used to power a turbine, which produces electricity. The company currently produces 10 megawatts of power every hour. The 4NEW power plants have the capability to take in 50,000-100,000 tonnes of waste a year.
Varun Datta said, “4NEW is setting up a new electricity generating industrial plant that will not just have a low impact on the environment, but will actually contribute to the plus side of the ledger, helping the environment by converting city waste to energy, with no harmful pollution or residue, thanks to a closed combustion chamber.”
The company is using this electricity to fuel an onsite mining farm. Any remaining power will be fed to UK’s national grid. The company currently has two WTE power plants in Middlesbrough and Hartlepool in the UK.
The currency that Varun Datta plans to mine will be decided by backers of the 4NEW utility token currency called KWATT.
Varun Datta continues, “Because the KWATT is backed by one kilowatt of electricity, although feeding back to the grid would offer returns for the KWATT coin holders, it would not offer much for reinvestment into new plants. However, mining currently offers 3-4 times the revenues of feeding back into the grid, which allows us to allocate a large portion for future expansion. The mining revenue is therefore used to repay the KWATT holders — or holders of the energy — for the leasing of electricity back to the plant.”
This has the potential to disrupt the crytocurrency world as it currently functions. The cryptocurrency data miners currently tap into whatever form of electricity they can. Several cities across the US recently banned miners from accessing subsidized power that it makes available to business owners. By working on a WTE model which allows the users to earn cryptocurrency in exchange for the power that they supply, 4NEW works on a sustainable model that can eliminate global waste problems and create wealth for people at the same time.
The 4NEW WTE plants currently operate at break even. The costs from plant maintenance and power production and recovered by charging for waste collection and processing. This essentially means the power produced is free power, and can be diverted towards crytocurrency mining without any problems. It also has no impact on the environment. At present, the energy is being fed into UK’s national grid till the time KWATTs become operational.
4New Chairman and founder Varun Datta stated, “4New is not an energy exchange platform, like WePower and PowerLedger,” “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.”
Varun Datta is serial entrepreneur. He has founded and worked with several companies across different sectors such as healthcare, finance, and consulting. Varun Datta is an alumnus from University of California, Berkeley, and has been an active part of his family business. He is an early investor in bitcoin and other cryptocurrencies and as he got an idea to integrate municipal solid waste with cryptocurrency in this unique way. He incorporated 4NEW in the year 2017 and it is ready to mine cryptocurrencies from August 2018. Varun Datta’s passion for business and keen sense of business meant he was able to put his foot in many upcoming sectors. His company, 4NEW is proof of him spending his efforts investing in reducing the waste that humans are producing.
Varun Datta has the rare distinction of being one of the speakers at the G-20Y Association Summit. The G-20Y Association is an innovative platform to bring leaders and changemakers on the same platform. It aims to bring together people who are constantly innovating and making a difference to the world through technology. By creating meaningful dialogue, the G-20Y Association aims to bring change in thinking and build network among people.
The theme of the G-20Y Association Summit for 2018 is Digital Transformation: A new role for technology – a new role for humans? Harnessing the power of technology to create a better future for all. The summit will take place in Evian in France from 10th to 14th October.