Green energy powers the majority of Bitcoin mining and the world may also face it. And the remainder of the cryptocurrencies that utilize Proof-Of-Work may be ideal behind, since they follow the exact same rewards. In their mission for less expensive energy sources, they all reach the exact same conclusion. Humanity is losing renewable resource all over the world. And lost energy is the most affordable of them all.
In today’s story, a hydropower plant that needed to stop briefly operations for 9 months discovered cryptocurrency mining and got the dream customer they required. Reuters gives us the start 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 much green energy does a nation needs to need to simply stop purchasing from a tidy 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?
Every talking head and their grannies spread out ESG FUD through standard media. And that spills into social networks, where everyone is oh-so-sure that crypto mining is boiling the oceans. Because of that, Eduardo Kooper, the owner of the plant, questioned going the crypto mining path. However, they simply needed to pivot. They attempted other endeavors, like making frozen food, and none work. There was no other option.
“I was very skeptical at first, but we saw that this business consumes a lot of energy and we have a surplus.”
The hydroelectric business, with its 3 plants valued at $13.5 million and a 3 Megawatt capability, invested $500,000 to venture into hosting digital mining computer systems.”
Why would miners move their operation to a hydro plant, though? Wouldn’t it be more comfy doing it in your home? They are greatly incentivized to search for the most affordable energy possible, that’s why. And green energy is eco-friendly. Coal is not. The Reuters report estimates among the hydropower plant’s pleased clients:
“Installing it in this place is much more profitable than at home,” at practically half the expense, he computed, after linking his computer system to the network at the river-powered plant.”
Business is organization.
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Green Energy And Crypto Mining, A Match Made In Heaven
We at NewsBTC have actually been informing you this. Bitcoin mining incentivizes the production of green energy facilities. And it can fund green energy plants currently in location. Mining supplies both a purchaser of very first resort and a purchaser of last option. Three months back, we composed:
“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” towards a cleaner electrical energy grid.”
And 2 months back, in a post on how Bitcoin mining is assisting the Navajo Nation in more 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 have that purchaser. And now, the other PoW cryptocurrencies can follow Bitcoin’s example. In Costa Rica, the opposite of the world, a power station supervisor reaches the exact same conclusion as the Navajo Tribal Utility Authority president. Quoting Reuters once again:
“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 net favorable for the world. It will lead us to the green energy future that humankind’s imagining. It’s the only market that can do so. And the transformation is currently well underway.
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