How will South Africa resolve its energy crisis? 

South Africa is facing significant problems with its energy supply. There is a shortage of energy being distributed around the country, which is triggering both economic and quality of life concerns for its residents. This has been happening for some time, however, the situation is getting increasingly dire. The most recent development has been that Eskom, one of the country’s largest energy suppliers, has begun scheduling and triggering nationwide blackouts. 

For a short period up to September 10th, Eskom was in the process of cutting 2 000 megawatts of energy from the national grid, however, that number was sadly amended to a 4000-megawatt cut, extending to September 12th. The country has now experienced 96 days of power cuts within the year. This has dampened the country’s economy, which is unsurprising as the world of finance and business is so heavily reliant on consistent electricity to run computers and machines.

This has also understandably affected people’s mental health and living situations, as so much of our leisure and social activity is equally reliant on consistent electricity. This issue has existed for years, with 2022 being perhaps the worst time yet for such complications. This has left people questioning what is happening and asking how it can it be fixed.

Diagnosing and Solving the South African Energy Crisis

South Africa’s energy problems are caused by a range of factors, but one of the major element is Eskom’s faulty facilities. Oftentimes, power outages are due to poorly built generation units. For instance, Eskom often releases statements highlighting its machinery breaking down and being unable to hold the capacity needed for the nation. This would not be too problematic if Eskom did not hold the energy monopoly in South Africa. But unfortunately, it does, meaning that its shortcomings are felt by practically everybody. This has triggered the country’s Democratic Alliance political party to consistently campaign for reform and resort to activism as a means of bringing about change in the industry. 

As the country considers solutions to this, people have been looking outward to other fields to see what they can offer– one such field is blockchain technology. In particular, the South African blockchain project, Megatech, has been heavily invested in this problem and has been offering an inventive means of fixing the situation.

Megatech runs a solar farm within South Africa, powered and supported by blockchain technology, with the aim of helping to supplement Eskom’s energy resources and help the energy consumption and distribution to be fair and reliable. It is able to do this by encouraging individuals to invest in their solar farm (via its own MGT tokens) by offering economic returns to users who do so. In other words, it incentivises people to keep the solar farm running, therefore encouraging them to keep the country’s electricity flowing. 

Megatech is bringing sustainability to the energy market in two ways. For starters, the use of solar panels allows for a non-invasive and eco-friendly energy resource to get used. And secondly, by providing energy it is helping sustain and improve the country’s economic and social standing. This is able to happen due to its Beta Project, which is a 60 megawatt Solar Farm with 100 MWh integrated storage, located in Hertzogville Free State. 

A Contemporary Solution

Megatech is utilising blockchain to help its country flourish and thrive. Through the ability to distribute tokens and offer rewards to users who invest, Megatech is able to tap into people’s individual desires to earn more money and use that as a driver for bringing energy to the nation. It is a useful and imaginative way of driving more resources to both Eskom and South Africa as a whole, and acts as a perfect example of how blockchain technology can have a direct and positive impact on people’s lives.

About Megatech:

Megatech, in answer to Africa’s and the world’s energy problem, by utilizing blockchain technology, MGT provides token holders with financial returns on solar fields owned by the company. The first field, called project Beta, ​​is a 60MW solar farm and will include 100MWh of state-of-the-art storage technology to ensure maximum profitability and the opportunity to sell green renewable energy at peak rates to blue-chip listed entities; that have already signed commitments for offtake.

Furthermore, 40% of all financial gains realized from this project and future pipeline projects will vest in the MGT (PTY) LTD custodian company which fiduciary directors independently manage on behalf of the token holders who participate in the performance staking program.

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