SolarX (SOLX) is an attempt to see if cryptocurrency mining is still profitable. To explain, SolarX is an effort to build a new cryptocurrency mining device that is secure and “green.”
A cryptocurrency mining device builds cryptocurrency by solving mathematical equations that solve transactions on a blockchain. Owners of the device make money when SolarX’s platform rewards them with SolarX (SOLX) for mining (making) cryptocurrency.
They claim SolarX’s device is “eco-friendly” because they built it to run on renewable energy sources such as solar panels. I think is claim is bullshit because there is no difference between electricity generated by fossil fuels and “green” electricity.
SolarX’s (SOLX) central premise is bullshit
You can power any cryptocurrency mining device with electricity windmills and solar panels generate. Conversely, y, including fossil fuels.
Hence, SolarX’s central premise is bullshit. There is no such thing as a “green cryptocurrency miner.” The electricity sources are green, not the mining devices.
Moreover, I cannot see how you can guarantee that a cryptocurrency mining device is running on “green electricity.” Yes, solar power could be cheaper and more efficient. But you can plug any mining device into a solar-electric system.
Solar is the Future of Electricity
I think solar is the future of electricity because its cost is falling. The cost of electricity from photovoltaic solar panels fell by 89% between 2009 and 2019, Our World in Data estimates.
The amount of solar photovoltaic (Solar PV) electricity worldwide grew by 26% in 2020, The International Energy Agency (IEA) estimates. The IEA claims the global amount of Solar PV electricity grew from 270 Terawatt Hours (TWh) in 2021 to almost 1300 TWh in 2022.
Solar electricity is growing fast. Solar PV generated 12.8% of the world’s electricity in 2022 up from 10.9% in 2020 and 3.5% in 2015, the IEA claims. The IEA projects Solar PV will generate 14.7% of the world’s electricity in 2023, 16.5% in 2024, 18.4% in 2025, 20.2% in 2026, and 22.2% in 2027.
How to Access Solar PV
Furthermore, the IEA claims Solar PV will generate more electricity than natural gas in 2026 and more electricity than coal in 2027. Solar PV is growing fast for two reasons.
First, Solar PV requires no outside fuel source, which could reduce costs. You don’t have to buy oil, natural gas, or coal to run a solar panel. Moreover, you don’t have to pay to transport and store the fuel. You need ships, trains, trucks, and conveyor belts to move coal around.
For natural gas and oil, you need tanker ships or pipelines. Hence, Solar PV can eliminate enormous amounts of infrastructure and labor costs.
Secondly, photovoltaic solar panels are non-mechanical.This means there are fewer moving parts. Hence, there is less that can go wrong and fewer parts to replace. This makes repairs and maintenance cheaper and faster.
This explains why they were building 366 utility-scale projects in the United States in 2023, the Energy Information Agency (EIA) estimates. The EIA estimates these projects will ad 25.4 billion watts of electricity or 25.4 gigawatts to the US grid.
The largest US PV project, Gemini Solar in Nevada, will add 690 megawatts to that state’s grid. Another seven projects in Texas will add 405 megawatts to the grid.
Hence, I think the best way for cryptocurrency miners is to take advantage of Solar PV is to locate the mining facility in an area with lots of solar farms. For example, Texas. Consequently, you don’t need SolarX’s special mining device. All you need to do is to plug your miner into the socket.
What Value does SolarX (SOLX) offer?
Interest in SolarX (SOLX) is strong. It was CoinMarketCap’s second most-trending cryptocurrency on 25 September.
Conversely, SolarX was CoinMarketCap’s 2,220th largest cryptocurrency with an 18.19₵ Coin Price, a $7.14 million Market Capitalization, a $127.3 million Fully Diluted Market Cap, and a $1.46 million 24-Hour Market Volume on 25 September 2023. They base those numbers on a 41.9 million SOLX Self-Reported Circulating Supply, a Total Supply of 406 million SOLX, and a Maximum Supply of 700 million SOLX.
I think speculators need to avoid SOLX because its central premise is bullshit. There is not such thing as a green cryptocurrency or green cryptocurrency mining. You need to avoid any cryptocurrency that claims to be green.