European Energy Gaint aims to use Bitcoin as Economic Battery

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Aker, a European energy giant, has invested 58 million dollars in Bitcoin and become the first company to make BTC an Economic Battery.

Norway-based trading company Aker has formed a BTC-based investment company called Seete. This firm allocates funds to various projects of Bitcoin. Kjell Inge Røkke, a 62-year-old millionaire and owner of Aker ASA, has penned his views on a 23-page letter directed to shareholders and investors. This letter covers the BTC energy and financial sector. 

Renewable Energy Sources

Røkke pointed out in his letter that Bitcoin operates through electricity, and to make a future through BTC, applications of renewable sources of energy are needed. But renewable is still an intermittent source as its storage and transmission is the major setback. 

The Seetee firm has allegedly partnered with Aker to run Bitcoin mining operations. They are working to build a solution to harness energy sources and boost power efficiency for Bitcoin mining. The mining will most likely convert the energy to Bitcoin, which will save the excess energy to utilized power crops. Aker is not the only company to introduce the concept of Bitcoin mining to make it cost-efficient. Russia and Iran have similar plants for BTC mining. 

Countries that are interested in crypto mining should explore efficient energy resources for Bitcoin mining. Iran’s power stations are outdated, and they are even struggling to offers their locals with sufficient energy supply. They are looking for collective mining strategies for digital currency. 

The veteran businessman Aker has included views of the experts from his entrepreneurial and teenage days to elaborate the importance of progress and has pointed out that Bitcoin is still in its early days. The leading cryptocurrency is still facing issues like halving, reducing the mining outcome after every four years. Therefore Aker believes that new investors might lose their consent to mine Bitcoin. This is assumed to be the main factor as fees are not a reliable option. 

Lightning Labs and Blockstream are trying to fix this problem with Liquid and Lightning Network. Seetee will use Blockstream products for cash payments, foreign exchange, and industrial applications. Røkke is still not sure about scalability and supply limitations imposed through Bitcoin. But he does believe that in the future, Bitcoin will have more potential than gold. 

 


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