BOTS, Inc. Files for Patent Protection Regarding Its Method and Device for Proof of Green Power Source Verification for Cryptocurrency Miners as a Part of Its Strategy for Patent Portfolio Development
BOTS, Inc. (OTC: BTZI), a global technology company, announced the filing of a blockchain-based provisional patent application with the USPTO. The patent focuses on a method for verifying power sources for cryptocurrency miners, aiming to certify carbon-neutral bitcoin mining. CEO Oleksandr Gordiev stated this innovation could establish BTZI as the 'Green Bitcoin' certifying body, while enabling hardware sales and licensing. This initiative aligns with market trends towards sustainable cryptocurrency mining as more companies seek to reduce carbon emissions amidst growing regulatory scrutiny.
- Filed a blockchain-based provisional patent application for power source verification.
- Potential to become a certifying body for carbon-neutral bitcoin miners.
- Opportunity to develop and sell hardware related to power verification, diversifying revenue streams.
- Bitcoin mining continues to face criticism for its environmental impact.
- Regulatory pressures may increase as legislators consider stricter measures for carbon emissions.
San Juan, Puerto Rico, Nov. 01, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – BOTS, Inc. (OTC: BTZI), ("BOTS" or "The Company"), a global technology conglomerate specialized in Blockchain-based solutions including decentralized finance applications, cybersecurity, crypto generation, mining, equipment repair, and warranties announced today that it filed a blockchain-based provisional patent application in the United States Patent Office (USPTO).
The patent application is directed to a method and devices for proof of power source verification for cryptocurrency miners.
After conducting extensive technology and market research, BOTS, INC. found that developing this technology and obtaining patent protection would be a "tremendous opportunity since this technology could become a standard and viable method to certify Bitcoin and other cryptocurrencies mined on non-fossil energy sources," stated Mr. Gordiev, BOTS, Inc. CEO. He added, "BTZI could become the worldwide "Green Bitcoin" certifying body for carbon-neutral bitcoin miners, while device and technology could be sold and licensed to the miners." BTZI intends to help make cryptocurrencies more environmentally sustainable through this method.
BTZI believes that this technology will become the gold standard for the Source of Power Verification. The primary function of this Intellectual Property is using a Blockchain to provide certification as to the "carbon footprint" of the specific mined cryptocurrency. This technology centers around the "Concept" of a Proof of Power record that must be simultaneously or independently written to the identical cryptocurrency Blockchain, or alternatively, to a different Blockchain altogether. This concept may or may not include the actual verification of the source of green energy used.
Additionally, the Patent covers the Intellectual Property Protection for the supporting hardware of this technology. This hardware includes transfer switches, smart meters, smart breakers, distribution panels, and isolation switches. This hardware development will enable The Company to grow into a hardware manufacturer of smart, Proof of Power Devices, thereby adding an additional huge revenue stream with further market diversification. Another benefit of developing this Power Verification hardware is that these devices could be used in all power markets.
The Wall Street Journal recently published an article entitled "Crypto Miners Struggle to Cut Carbon Emissions," which discussed issues of producing cryptocurrencies such as bitcoin that requires abundant cheap electricity, putting pressure on the industry. Bitcoin mining has earned a bad reputation for guzzling cheap electricity in the pursuit of profits; but now, bitcoin miners are trying to go green --- to a point. Companies that mine bitcoin are aiming to power their computers with renewable energy or sign up for data centers that rely upon the sun or wind. Falling prices for renewables and rising prices for bitcoin make it possible to still earn a profit. But much of bitcoin mining continues to rely on fossil fuels, including coal, the cheapest and dirtiest power source.
The miners say they are thinking about the environment, but they have other incentives to reduce their carbon emissions: Investors, who increasingly are making carbon emissions part of their research, are pressing them to do better. Legislators in New York State are considering a bill banning the use of fossil fuels to mine bitcoin and are calling for miners to document their carbon footprints. The Securities and Exchange Commission also is considering measures requiring publicly traded companies to disclose climate data.
Many of the most lucrative cryptocurrencies, including bitcoin, use an energy-intensive process called proof of work to validate transactions. That requires significant computing power, which requires lots of electricity: the lower the price of electricity, the bigger the profit. Unfortunately, the cheapest sources are sometimes the dirtiest, leading some miners to restart previously decommissioned coal-fired plants. In places with abundant renewable resources, mixing green power with coal, natural gas, or other sources can give miners an edge.
"If you are mining crypto, you care about the cost of electricity, and you don't have the luxury to care about the climate so much," said Alex de Vries, an economist who created the Bitcoin Energy Consumption Index. To his point, as previously stated, some bitcoin miners are tackling their energy needs by restarting decommissioned coal-fired plants.
BTZI realized that Bitcoin mining operations are drawing criticism from communities around the country and worldwide who say the fossil fuels burned to make the cryptocurrency are causing too much pollution.
"Crypto has a carbon-intensity problem," said Paolo Natali, principal at the Rocky Mountain Institute's Climate Intelligence program. That problem led to the creation of the Crypto Climate Accord this past April --- a voluntary framework that asks cryptocurrency firms to reduce net carbon emissions from electricity to zero by 2030. Some 180 companies have signed up, Mr. Natali said. In fact, Gryphon Digital Mining joined the Crypto Climate Accord in May and announced that it had achieved net-zero carbon emissions. This was accomplished by launching a 21-megawatt facility, powered by hydroelectric power, and signing up with a digital hosting company that gets more than half of its power from renewable sources. It fills the gap by buying carbon offset credits, the same way an airline can offset their carbon emissions.
Forbes magazine reported: 'Green Bitcoin Mining': The Big Profits In Clean Crypto. Bitcoin is infamous for wasting enough electricity to add 40 million tons of carbon dioxide to the atmosphere a year—but now, a growing cadre of U.S. miners are developing green and lucrative, new strategies worth a fortune all their own. For all bitcoin's purported benefits, it's also clear that the currency is an environmental disaster. Depending on bitcoin's cost (a higher price attracts more miners), its global network sucks up between 8 and 15 gigawatts of continuous power, according to Cambridge. New York City runs on just 6 gigawatts, the nation of Belgium on 10. Exactly how much carbon is released into the atmosphere by bitcoin mining depends entirely on what energy source is used. But the pollution is not negligible. To unlock a single bitcoin, miners must feed their machines about 150,000 kWh, enough juice to power 170 average U.S. homes for a month.
With Bitcoin Hitting a New Record High of
To date, BTZI has a portfolio of several patents with the USPTO. These patents include No. 9,135,787 - "Bitcoin Kiosk / ATM Device and System Integrating Enrollment Protocol and Method of Using the Same." Known as the "Bitcoin ATM Patent," this Patent is related to the purchase and sale of cryptocurrencies utilizing a Bitcoin ATM or kiosk that allows customers to purchase Bitcoin or other cryptocurrencies by using cash, debit, or credit cards. Many of the elements of that intellectual property (I.P.) will be "standard-essential claims," which are critical for the Bitcoin ATM networks to operate. Also recently added is an exclusive license of the intellectual property for its Bitcoin ATM I.P. portfolio. The I.P. portfolio now includes licensing agreement for patent US 10,332,205 B1 (Bitcoin kiosk/ATM device and system and method of using the same).
About BOTS, Inc.
BOTS, Inc. is a global technology company specialized in Blockchain-based solutions, including decentralized finance applications, cybersecurity solutions, and owns a portfolio of digital assets and crypto-related businesses such as BeadSwap, a decentralized crypto exchange, Bitcoin ATM machines, and corresponding U.S. patents and Cyber Security Group LLC, an ISO/IEC 27001:2013 Information Security Management System certified company. The Company also provides crypto mining consulting, optimization, and crypto mining equipment repair and insurance.
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Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in the Company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors, including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release, and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's website and filings.
Contact:
Oleksandr Gordiev
CEO
info@bots.bz
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