PowerSwitch

The solar PV industry meets Max Keiser!

Solar Coin is a crypto currency specifically intended to stimulate solar energy production. Each Solar Coin represents the equivalent of 1 MW/hour of solar electricity. Coins can be obtained by mining like any other crypto currency, but the vast majority of coins, 99.4% of them, are reserved and held in non circulating accounts (wallets) to be exchanged for proof of production of solar energy, one coin for one MW/hour of electricity produced, certified by independent verification.

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Solar Coin website

This is an interesting development and one that could be adopted by other renewable energy sources. Whilst I hope this venture works, I can foresee "vested interests" doing the utmost to sabotage this..

Can somebody explain how it works?

Seriously...?

Why not just give them cash instead of some token that's unusable?

Oh, hang on, they already get paid for what they generate.

biffvernon wrote:Can somebody explain how it works?

Does this help?
(Also a beginners guide to Bitcoin - worth checking that out just to get your head round the concept)

In short, it's a digital currency that relies on solar generated electricity rather than being backed by a precious metal such as gold. Which, considering all the gold has headed east and that the paper currencies are being relentlessly debased, its the only option left..

So I've got solar panels, I've generated a MWhr, I send in my proof of generation (once they get the system working for the UK) and I get my coin.
Then what?

Then you go out and splurge your ill-gotten gains on Asparagus (well, it is Valentine's day )

That's the bit I don't quite get. How do you exchange the solar coin for asparagus?

You don't since it's probably extremely illiquid and nobody knows wtf it is. I guess it's someones idea to reward people generating solar electricity without actually spending money. Much like a gold star on a school report, you can boast at how many coins you have but apart from that they're useless (probably).

As global solar generating capacity increases, I'd expect the value of the solar coin to fall. So probably not a good store of value.

If we imagine a transition to smaller, less interconnected, more independent communities, I wonder how energy supply will work. Would a local market develop between members of the community and, say, the woodsman who has coppice-generated firewood for sale, or the guy who lives on the hilltop and has installed a wind turbine? Or would energy supply be treated as a community (i.e. "state-run") endeavour, with means of production being collectively developed, owned and managed by the whole community?

If the former, then some means of defining the value of the energy generated would be useful. (I doubt it would be internet-based though).