The award-winning Sol Cinema accepted their first payment in cryptocurrency this week.
The vintage mobile cinema based in Swansea, complete with popcorn and usherettes has been hired to celebrate the 20th anniversary of one of Wales’ best digital media company. Sol Cinema requested to be paid in Cryptocurrency rather than in regular Sterling. Luckily the director of Tantrwm productions was willing, and now both companies are excited by
the possibilities of this new form of currency,
Co-founder of Sol Cinema Paul O’Connor stated;
“We decided to begin accepting cryptocurrency payments in 2021 because we pride ourselves upon being pioneers. So we were delighted when Tantrwm Productions agreed to become our ﬁrst customer willing to hire us in cryptocurrency”
Paul, who is also the Sol Cinema projectionist, added;
‘‘Sol Cinema loves embracing new technology, demonstrated by the fact that our vintage cinema has been 100% solar powered for more than a decade. We can be placed anywhere and perform without having to plug in.’
But the environment friendly cinema was careful in their decision on which cryptocurrency they would accept. One of the Worlds’ richest men, Elon Musk announced he would stop accepting Bitcoin payment for his TESLA electric cars.
He tweeted recently “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions,especially coal, which has the worst emissions of any fuel”
Sol Cinema uses renewable energy to educate the public about caring for the environment so it was vitally important they could ﬁnd a more planet friendly alternative for payment.
Co-founder of Sol Cinema projectionist Paul O’Connor stated;
“Rather than using BITCOIN’s old method of energy intensive computing to generate funds, we discovered a newer cryptocurrency which uses an entirely diﬀerent method. We chose CARDANO once we learned that it is 1.6 million times more energy-eﬃcient than the 12 year old BITCOIN technology.’
The CARDANO blockchain relies on ‘Stake Pools’ across the World to share production costs by using their home computers to create the online Blockchain technology. Sol Cinema delegated their ﬁrst digital payment to a ‘Stake Pool’ who earlier this year became the ﬁrst people based inWales to build blocks for the £50 Billion CARDANO decentralised network.
A spokesperson for the South Wales based ‘Oyster Pool’ said;
‘We were delighted to launch the ﬁrst CARDANO Stake Pool in Wales and we welcome Sol Cinema. Oyster Pool is now open to all CARDANO holders who would like to earn rewards while supporting decentralisation and sustainable technologies of the future.’
Since 2010, the diminutive cinema has entertained more than 80,000 people at music and ﬁlm festivals or community events in Britain and across the E.U. In May 2021 the Sol Cinema was hired by iconic British band Madness to host the World premiere of their new ﬁlm. Sol Cinema has performed in ﬁelds, factories, schools, city centres, on a farm and even in a Zoo. Being mobile, it can squeeze into the smallest spots and entertain with short ﬁlms and smartly dressed street performers.
Andrew Chainey, Director of Tantrwm productions explained his reasons for hiring Sol Cinema with payment in cryptocurrency;
“Tantrwm productions has been at the forefront of technology in Wales for two decades now so we were delighted to avail of paying the Sol Cinema in CARDANO. We believe in Open-Source, and peer to peer technology. If more organisations in Wales embraced the emerging technologies then there is a real possibility to create ‘silicon-valleys’ where once there was only coal”