Visit the original article *
Green energy powers most bitcoin mining and the world may encounter it as well. And the rest of the Proof of Work cryptocurrency might be quite behind, as they follow the same incentives. In their quest for cheaper energy sources, they all came to the same conclusion. Humanity is wasting renewable energy all over the world. Wasted energy is the cheapest of them all.
In today’s story, a hydropower plant, which had to pause its operations for nine months, found cryptocurrency mining and got the client of his dreams. Reuters gives us an introduction to the story:
“The plant was forced to reinvent itself 30 years later because the government stopped buying electricity during the pandemic due to an oversupply of power in the Central American country, where the state has a monopoly on power distribution.”
How much green energy should a country stop buying from a clean water plant? Well, according to hydropower.org:
“At the end of 2016, Costa Rica had reached a total installed hydroelectric capacity of 2.12 GW. The country made headlines for the second year in a row, achieving 100 percent renewable electricity production with a total of 271 days.”
How did cryptocurrency mining get into the water terminal picture?
Every president speaks and their grandmothers spread ESG FUD through traditional media. And this is spreading in social media, where everyone is very confident that cryptocurrency mining is boiling the oceans. Because of this, Eduardo Cooper, the owner of the factory, was suspicious of going the crypto-mining route. However, they just had to pivot. They’ve tried other projects, like making frozen foods, and none of them have worked. There was no other choice.
“I was very skeptical at first, but we saw that this work was very energy-intensive and we had a surplus.”
The hydropower company, with its three $13.5 million 3-megawatt plants, has invested $500,000 venturing into hosting computers for digital mining.”
But why would miners move their operations to a waterworks? Wouldn’t it be more convenient to do this at home? They are highly motivated to search for the cheapest energy possible, for this reason. Green energy is renewable. Coal is not. The Reuters report quotes one satisfied customer of the hydropower plant:
“It is much more profitable to install in this place than at home” at about half the cost, he calculated, after connecting his computer to the network at the river-powered station. “
Work is work.
BTC price chart for 01/12/2022 on OkCoin | Source: BTC/USD on TradingView.com
Green Energy and Cryptocurrency Mining, a Match Made in Heaven
We at NewsBTC tell you this. Bitcoin mining stimulates the creation of a green energy infrastructure. It can finance existing green power plants. Mining provides a first-resort buyer and a last-resort buyer. Three months ago we wrote:
“A white paper issued by the Bitcoin Clean Energy Initiative earlier this year outlined how bitcoin mining, when using renewable energy, is “particularly suited to accelerating the energy transition” toward a cleaner electricity grid.
And a couple of months ago, in an article about how Bitcoin mining helps the Navajo Nation in more ways than one, we told you:
“As the world tries to phase out coal-fired power, Navajo is innovating to keep up with the times. According to Walter Haas, president of the Navajo Tribal Utilities Authority, “I had a surplus of electricity that I still had to pay for and deal with. Now, I want to build renewable energy to make up for lost coal resources scattered across the country. I need someone to consume this renewable energy source.”
And with bitcoin mining, they have that buyer. And now, other proof-of-work cryptocurrencies can follow in the footsteps of bitcoin. In Costa Rica, the other side of the world, a power plant manager comes to the same conclusion as the head of the Navajo Tribal Utilities Authority. Quoting Reuters again:
Cooper said that international crypto miners are looking for clean, cheap energy and a stable internet connection, which Costa Rica has a lot on. However, he said the Costa Rican government should be more aggressive in trying to attract more crypto-mining businesses, despite He did not provide any details.”
The green energy future we deserve
Proof of work mining is a net positive for the planet. It will lead us to the green energy future that humanity dreams of. It’s the only industry that can do that. The revolution is already underway.
Featured image: Screenshot from the Reuters video report | Charts by TradingView