Solar Generators Receive $1.8 million of SolarCoin so far in 2018

Solar Generators have received a total of $1.8 million of the SolarCoin digital currency so far this year, figures show. 

The SolarCoin Foundation, whose purpose is to reward solar generators based on the amount of electricity they generate, issues SolarCoins for each MWH of production. 

Between 1st of January and today the foundation has issued £1.8 million of SolarCoins (at today's exchange rate), or 3,464,112 SolarCoins.

The amount is more or less equivalent to the total amount of coins issued in 2017 showing a rising interest in the currency.

The latest issuance figures reflect a growing number of people signing up to receive SolarCoins, including major industry operators.

The number of people able to receive SolarCoins is also increasing. On the 25th January the number of SolarCoin wallets existing was 11,471. Today that number stands at an estimated 12,300. Assessing the number of wallets in existence is cited as a key indicator of a digital currency's inherent value (although it is of course possible to create SolarCoin wallets and do nothing with them).

Anyone with solar PV installed is eligible for free distributions of SolarCoins. Indeed, the currrency has been created specifically as a means to reward solar energy generation. The technology behind the currency is similar to Bitcoin, and PV owners become eligible for SolarCoins simply by generating solar electricity; the SolarCoin foundation then pays them at the rate of 1SLR/MWh.