The majority of Bitcoin mining is powered by green energy, and the world may as well accept it. And the rest of the Proof-Of-Work cryptocurrencies may follow suit, since they follow the same incentives. They all arrive to the same conclusion in their search for more affordable energy sources. Humanity is squandering renewable energy resources on a global scale. And squandered energy is the least expensive of them all.
In today’s tale, a hydroelectric plant that was forced to shut down for nine months discovered bitcoin mining and acquired the ideal customer. Reuters begins the report with the following:
“After 30 years, the plant was forced to reinvent itself when the government ceased purchasing electricity during the pandemic owing to a glut of electricity in the Central American nation, where the state controls energy distribution.”
How much green electricity does a nation need to quit purchasing from a clean hydroelectric plant? To be precise, hydropower.org states:
“By the end of 2016, Costa Rica has constructed a total of 2.12 GW of hydropower.” For the second consecutive year, the nation grabbed headlines by attaining 100 percent renewable power generation for a total of 271 days.”
How Did Crypto Mining Become A Factor In The Hydro Plant’s Design?
Through conventional media, every talking head and their grandmothers promote ESG FUD. And this spills over into social media, where everyone is quite certain that crypto mining is causing the seas to boil. As a result, Eduardo Kooper, the plant’s owner, expressed reservations about following the crypto mining path. They just needed to turn. They attempted other initiatives, such as frozen food manufacturing, but none of them succeeded. There was no alternative.
“At first, I was hesitant, but we discovered that this company utilises a significant amount of energy and we have a surplus.”
The hydroelectric firm, which has three plants worth $13.5 million with a combined capacity of three megawatts, spent $500,000 in hosting digital mining computers.”
However, why would miners relocate their operations near a hydroelectric plant? Wouldn’t it be more convenient to do so at home? That is why they are very motivated to get the cheapest energy available. Furthermore, green energy is renewable. However, coal is not. According to Reuters, one of the hydropower plant’s delighted clients stated:
“Installing it here is far more lucrative than installing it at home,” he estimated after connecting his computer to the river-powered plant’s network.”
A Match Made in Heaven: Green Energy And Crypto Mining
This has been sent to you by NewsBTC. Bitcoin mining encourages the development of renewable energy infrastructure. Additionally, it may fund existing green energy projects. Mining gives both a first- and a last-resort buyer. We wrote three months ago:
“A report published earlier this year by the Bitcoin Clean Energy Initiative detailed how bitcoin mining, when powered by renewable energy, “is well suited to accelerating the energy transition” toward a cleaner electrical system.”
And two months ago, in an article discussing how Bitcoin mining benefits the Navajo Nation in several ways, we stated: “As the globe moves away from coal-fired electricity, the Navajo innovate to stay current. According to Walter Hasse, head of the Navajo Tribal Utility Authority, “I had extra power that I had to pay for and manage.” Now, I aim to develop renewable energy to compensate for the nation’s lost coal resources. I need a consumer for that renewable energy source.”
And they have that buyer with Bitcoin mining. Additionally, other proof-of-work cryptocurrencies may now follow Bitcoin’s lead. On the opposite side of the planet, in Costa Rica, a power plant manager comes to the same conclusion as the head of the Navajo Tribal Utility Authority. Again, from Reuters:
“Kooper said that worldwide bitcoin miners need clean, affordable electricity and a solid internet connection, each of which Costa Rica has in plenty. He did, however, say that Costa Rica’s government should be more active in its efforts to recruit more crypto mining industry, but he did not provide details.”
Also Read: The Federal Reserve Chairman Suggests That A US CBDC And Stablecoins Could Coexist
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