Mining cryptocurrencies in a hydroelectric plant? Green business in Costa Rica

Cryptocurrency mining is often associated with unnecessary use of energy and excessive emission of pollutants. In this case, however, it is different – miners from Costa Rica brought back to life a hydroelectric plant that powers computers extracting virtual currency.

Bitcoin mine in a hydroelectric plant

It is a hydroelectric plant on the Poas River in the northern part of the country. So far, the power plant has supplied power to nearby towns, but due to the surplus of electricity in Costa Rica, the government has decided to close the facility (the government has a monopoly on electricity distribution).

Costa Rica - a cryptocurrency mine

Eduardo Kooper, the owner of the power plant, was forced to close down its operations, but after a few months he decided to return to business. This time in a changed form. The cooperator used the generated energy to … power cryptocurrency miners.

We had to halt operations for nine months, but I heard about Bitcoin, blockchain, and digital mining exactly a year ago. I was very skeptical at first, but we knew this business uses a lot of energy and we have a surplus of it.

The business idea seems interesting. The owner provides space and energy to miners who mine virtual currency. However, the hydroelectric power plant has the advantage that it allows you to reduce the cost of energy (reportedly even by half) and thus increase miners’ profits.

Costa Rica - a cryptocurrency mine

Costa Rica - a cryptocurrency mineMiners use excavators with graphics cards and special ASICs (pictured)

The company has three power plants with a capacity of 3 MW (megawatts). Currently, there are eight containers in which more than 650 excavators from 150 excavators have been installed – these are both structures based on graphics cards and special ASIC excavators. All customers are supposedly local entrepreneurs.

The cooperator is of the opinion that the state should attract similar investors. Costa Rica has surplus energy that could be consumed by miners, and at the same time contribute to economic growth and greater budget revenues.

What do you think about such a business idea? Maybe in Poland it would also be possible to build similar facilities that would provide cheap, clean energy to cryptocurrency miners (especially now, when electricity costs have gone up significantly).

Source: Reuters

About Alex Marcell

He likes dogs, pizza and popcorn. Already a fanboy of Nintendo and Sony, but today throws anything. He has collaborated on sites and magazines such as GameBlast, Nintendo World, Hero and Portal Pop, but today is dedicated exclusively to Spark Chronicles.

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