Green energy powers most bitcoin mining, and the world might as well face it. Other cryptocurrencies that use proof-of-work are likely to follow as they follow the same incentives. In their quest for cheaper energy, 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 hydroelectric plant that had to suspend operations for nine months discovered cryptocurrency mining and landed the dream customer they needed. Reuters to us Prelude to the story:
“The plant was forced to retrofit itself after 30 years as the state had a monopoly on energy distribution and the government stopped buying electricity during the pandemic due to oversupply in the Central American country.”
How much green energy does a country need to stop buying from clean hydropower? good, According to hydropower.org:
“At the end of 2016, Costa Rica had a total installed hydropower capacity of 2.12 GW. The country made headlines for the second year running, achieving 100% renewable electricity production for 271 days.”
How did crypto mining get into hydroelectric power plants?
Every talking person and their grandmother communicates ESG FUD through traditional media. This spilled over to social media and everyone was pretty sure crypto mining was boiling the ocean. Because of this, the owner of the factory, Eduardo Kooper, is suspicious of going the cryptocurrency mining route. However, they just need to turn. They tried other adventures, like making frozen meals, but none of them worked. There is no other option.
“I was skeptical at first, but we see that this business consumes a lot of energy and we have a surplus.”
The hydroelectric company, which owns three plants worth $13.5 million and 3 megawatts of capacity, is investing $500,000 to host digital mining computers. “
But why would miners shift their operations to hydroelectric plants? Wouldn’t it be more comfortable to do it at home? They’re extremely incentivized to find the cheapest energy source possible, and that’s why. Green energy is renewable. Coal is not. The Reuters report quoted a satisfied customer of the hydropower plant:
“It’s more profitable to install it in this place than at home,” he calculated for almost half the cost after connecting his computer to the river’s power plant’s network. “
Business is business.
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Green energy and crypto mining, a match made in heaven
We have been telling you this at NewsBTC. Bitcoin mining incentivizes the creation of green energy infrastructure. It could finance green energy plants already in place. The mining industry offers both a preferred buyer and a buyer of last resort. Three months ago, we wrote:
“One white paper Earlier this year, the Bitcoin Clean Energy Initiative explained how Bitcoin mining is “particularly well-positioned to accelerate the energy transition” to a cleaner grid when using renewable energy. “
Two months ago, in an article about How Bitcoin Mining Helps the Navajo Nation We tell you in several ways:
“As the world tries to phase out coal-fired energy, Navajo people continue to innovate to keep up with the times. According to Navajo Tribal Utilities Authority President Walter Hasse, “I have excess electricity , I still have to pay and process. Now, I want to build renewable energy to replace the coal resources I’ve lost across the country. I need someone to consume this renewable energy. “
With bitcoin mining, they have that buyer. Now, other PoW cryptocurrencies can follow Bitcoin’s lead. On the other side of the world in Costa Rica, a power station manager came to the same conclusion as the chairman of the Navajo Tribal Utilities Authority. To quote Reuters again:
“International cryptocurrency miners are looking for clean, cheap energy and stable internet connections, and Costa Rica has ample resources,” Cooper said. However, he said the Costa Rican government should be more aggressive in trying to attract more crypto mining operations, although he No specific details were given.”
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 coveted by mankind. This is the only industry that can do this. The revolution is already underway.
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