Crypto Mining Saves A Hydro Power Plant In Costa Rica

The majority of Bitcoin mining is powered by green energy, and it’s worth considering. The same incentive may be followed by the other cryptocurrencies using Proof-Of Work. They all come to the same conclusion in their search for more affordable energy. The human race is constantly wasting energy from renewable sources all around the globe. Wasted energy is also the most expensive. 

In today’s story, a hydropower plant that had to pause operations for nine months found cryptocurrency mining and got the dream client they needed. Reuters offers usPrelude 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.”

Is there a limit to how much green energy a country needs to buy from a hydroelectric plant to be able to afford to purchase it? Well,

“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?

Eduardo Kooper (the plant’s owner) was skeptical of crypto mining due to the widespread FUD spread by their grandparents and through traditional media. But they had to make a change. The couple tried several other business ventures such as making frozen foods, but they didn’t work. The only option was to make it work.

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

The hydroelectric company, with its three plants valued at $13.5 million and a three Megawatt capacity, invested $500,000 to venture into hosting digital mining computers.”

But why would miner move to a hydro-plant? Wouldn’t it be more comfortable doing it at home? They are heavily incentivized to look for the cheapest energy possible, that’s why. And green energy is renewable. But coal isn’t. The Reuters report quotes one of the hydropower plant’s satisfied customers:

“Installing it in this place is much more profitable than at home,” at almost half the cost, he calculated, after connecting his computer to the network at the river-powered plant.”

It is all about business.

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Green Energy and Crypto Mining. A match made in heaven

NewsBTC has been saying this for years. Bitcoin mining is an incentive to create green energy infrastructure. It can also finance existing green energy plants. Both a buyer and seller of last resort can be obtained from mining. We were founded three months ago. 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” towards a cleaner electricity grid.”

In an article published two months back, The Navajo Nation’s experience with Bitcoin miningIn more than one way, we said:

“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. To replace the lost coal resources throughout this nation, I now want to create renewable energy. I need someone to consume that renewable energy resource.”

With Bitcoin mining they now have that buyer. The other PoW cryptocurrency can now follow their lead. In Costa Rica, the other side of the world, a power station manager reaches the same conclusion as the  Navajo Tribal Utility Authority president. Again, Reuters:

“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.”

We Need a Green Energy Future

The planet is net-positive by Proof-OfWork mining. It will lead us to the green energy future that humanity’s dreaming of. It’s the only industry that can do so. It’s already a revolution. 

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