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January 20, 2022
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Crypto Mining Saves A Hydro Power Plant In Costa Rica

Green power powers most of Bitcoin mining and the world would possibly as effectively face it. And the remainder of the cryptocurrencies that use Proof-Of-Work is perhaps proper behind, as a result of they observe the identical incentives. In their quest for cheaper power sources, all of them attain the identical conclusion. Humanity is losing renewable power all around the world. And wasted power is the most affordable of all of them. 

In at the moment’s story, a hydropower plant that needed to pause operations for 9 months discovered cryptocurrency mining and obtained the dream consumer they wanted. Reuters gives us the prelude to the story:

“The plant was forced to reinvent itself after 30 years because the government stopped buying electricity during the pandemic due to surplus power supply in the Central American country, where the state has a monopoly on energy distribution.”

How a lot inexperienced power does a rustic has to have to simply cease shopping for from a clear hydro plant? Well, according to hydropower.org

“At the end of 2016, Costa Rica reached a total installed hydropower capacity of 2.12 GW. The country dominated the headlines for the second consecutive year, achieving 100 per cent renewable electricity production for a total of 271 days.”

How Did Crypto Mining Enter The Hydro Plant’s Picture?

Because of the FUD that everyone and their grandmas unfold by way of conventional media and spills into social media, Eduardo Kooper, the proprietor of the plant, doubted to go the crypto mining route. However, they simply needed to pivot. They tried different ventures, like making frozen meals, and none of them work. There was no different selection.

“I was very skeptical at first, but we saw that this business consumes a lot of energy and we have a surplus.”

The hydroelectric firm, with its three crops valued at $13.5 million and a 3 Megawatt capability, invested $500,000 to enterprise into internet hosting digital mining computer systems.”

Why would miners transfer their operation to a hydro plant, although? Wouldn’t it’s extra snug doing it at residence? They are closely incentivized to search for the most affordable power potential, that’s why. And inexperienced power is renewable. Coal will not be. The Reuters report quotes one of many hydropower plant’s glad prospects:

“Installing it in this place is much more profitable than at home,” at nearly half the fee, he calculated, after connecting his laptop to the community on the river-powered plant.”

Business is enterprise.

BTCUSD price chart for 01/12/2022 - TradingView

BTC price chart for 01/12/2022 on OkCoin | Source: BTC/USD on TradingView.com

Green Energy And Crypto Mining, A Match Made In Heaven

We at NewsBTC have been telling you this. Bitcoin mining incentivizes the creation of inexperienced power infrastructure. And it may finance inexperienced power crops already in place. Mining supplies each a purchaser of first resort and a purchaser of final resort. Three months in the past, we wrote:

“A whitepaper by the Bitcoin Clean Energy Initiative from earlier this year had explained how bitcoin mining, when using renewable energy, “is especially suited to accelerate the energy transition” in the direction of a cleaner electrical energy grid.”

And two months in the past, in an article on how Bitcoin mining helps the Navajo Nation in additional methods than one, we informed you:

“As the world is trying to phase out coal-powered energy, the Navajo innovate to keep up with the times. According to Walter Hasse, Navajo Tribal Utility Authority president, “I had excess electricity that I still had to pay for and deal with. Now, I want to build renewable energy to replace my lost coal resources that are throughout the nation. I need someone to consume that renewable energy resource.”

And with Bitcoin mining, they’ve that purchaser. And now, the opposite PoW cryptocurrencies can observe that instance. In Costa Rica, the opposite aspect of the world, an influence station supervisor reaches the identical conclusion because the  Navajo Tribal Utility Authority president. Quoting Reuters once more:

“Kooper said international cryptocurrency miners are looking for clean, cheap energy and a stable internet connection, which Costa Rica has plenty of. However, he said Costa Rica’s government should be more aggressive about trying to attract more crypto mining business, although he gave no specifics.”

The Green Energy Future We Deserve

Proof-Of-Work mining is a internet constructive for the planet. It will lead us to the inexperienced power future that humanity’s dreaming of. It’s the one trade that may achieve this. And the revolution is already effectively underway. 

Featured Image: Screenshot from Reuters' video report | Charts by TradingView

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