More Green Energy: Crypto Mining Saves A Hydro Power Plant In Costa Rica
13 January 2022 - 1:11AM
NEWSBTC
Green energy powers most of Bitcoin mining and the world might as
well face it. And the rest of the cryptocurrencies that use
Proof-Of-Work might be right behind, because they follow the same
incentives. In their quest for cheaper energy sources, they all
reach the same conclusion. Humanity is wasting renewable energy all
over the world. And wasted energy is the cheapest of them
all. 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 gives us the prelude 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 country has to have to just stop
buying from a clean 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 grandmas spread ESG FUD through traditional
media. And that spills into social media, where everybody is
oh-so-sure that crypto mining is boiling the oceans. Because of
that, Eduardo Kooper, the owner of the plant, doubted going the
crypto mining route. However, they just had to pivot. They tried
other ventures, like making frozen food, and none of them work.
There was no other choice. “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.” Why would miners
move their operation to a hydro plant, though? 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. Coal is not. 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.” Business is business. BTC price chart
for 01/12/2022 on OkCoin | Source: BTC/USD on TradingView.com Green
Energy And Crypto Mining, A Match Made In Heaven We at NewsBTC have
been telling you this. Bitcoin mining incentivizes the creation of
green energy infrastructure. And it can finance green energy plants
already in place. Mining provides both a buyer of first resort and
a buyer of last resort. Three months ago, we 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.” And two months ago, in an article on how
Bitcoin mining is helping the Navajo Nation in more ways than one,
we told 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
buyer. And now, the other PoW cryptocurrencies can follow Bitcoin’s
example. In Costa Rica, the other side of the world, a power
station manager reaches the same conclusion as the Navajo
Tribal Utility Authority president. Quoting Reuters 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 positive for the planet. It will lead
us to the green energy future that humanity’s dreaming of. It’s the
only industry that can do so. And the revolution is already well
underway. Featured Image: Screenshot from Reuters' video
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