Lithuanians have an idea how to reduce crypto mining costs

During the largest non-profit ICT and entrepreneurship event in the Baltic States #SWITCH held in Vilnius, winners of the Smart Energy Hackathon organized by Lietuvos Energija, the energy companies group of Lithuania, were elected. The main prize, EUR 1,500 in the selected cryptocurrency, was awarded to the team that created a platform prototype which is intended for cryptocurrency mining based on the sharing principle. The suggested platform model in each case would enable to find the most suitable place in the world to install computer equipment and to organize cryptocurrency mining for the lowest energy price on that date, a press release from Lietuvos Energija reads.

During the all-day long Smart Energy Hackathon, more than 35 energy, IT specialists, marketing, sale professionals, project management specialists, business developers, and managers of companies competed. In 24 hours, six teams solved energy challenges ranging from digitization of the electricity grid, use of Big Data to the involvement of customers into the electricity market

"Huge changes are coming to the energy sector and those who will succeed in using them in the right way, will create value for both oneself and own country. One of the main elements of our new strategy LE 2030 is digitization. This includes an understanding that we have a unique chance upon turning by traditional energy into global and smart to become leaders not only in the local market, but also in the world. This hackathon initiative contributes to the development of the innovation space created by Lietuvos Energija and attraction of talents. Today, we create the most innovative energy distribution grid in Lithuania which, I believe, will be opened for interested ideas creating new businesses with a potential to expand into global markets," told Mr. Darius Maikštėnas, CEO of Lietuvos Energija.

The solution to create conditions and possibilities to connect into one platform those who could offer premises and the necessary amount of energy for the best price at the particular moment was selected the best hackathon idea. This would be relevant for cryptocurrency miners and after it would be attractive also for the electric car markets. The platform would enable to choose in what country and for what price the customer will use electric power.

Also, the most innovative and best visionary ideas of Smart Energy Hackathon received awards. The solution intended for the search of defects using special equipment in the electricity grid was recognized as most innovative. The idea offered using an exchange platform of energy market participants willing to produce and acquire energy was recognized as best visionary idea.

"Hackathons are a modern tool helping to find creative people, join them into teams and encourage them to create innovative products or services. I see a great perspective for corporate hackathons that could help to create new services in companies, optimize costs, and digitize the market," told Mr. Marius Pareščius, one of the hackathon mentors.

Presentation of the Smart Energy hackathon ideas and awards may be viewed at: https://www.delfi.lt/video/aktualijos/ks.d?id=79108359

About Lietuvos Energija:

Lietuvos Energija group is a state-controlled company group which is one of the largest in the Baltic States. The main activities of the Group include power and heat distribution and supply, natural gas trade and distribution as well as construction and maintenance of power plants and grid. The rights and obligations of the shareholder of Lietuvos Energija group are implemented by the Ministry of Finance of the Republic of Lithuania.

For more information:

Laura Šebekienė

Head of Corporate Communications at Lietuvos Energija

+370 633 99940, laura.sebekiene@le.lt

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