cryptocurrencies gave a second life to a bankrupt plant

A hydroelectric plant that had stopped its production of energy in Costa Rica, just found a second life mining cryptocurrencies. For this, the Data Center plant reinvented itself after 30 years of operation with a new objective: to use its surplus to generate cryptocurrencies with clean energy.

After the government stopped buying energy from them during the COVID-19 pandemic and they had to cease activities for nine months, the plant managers decided invest approximately $ 500,000 in modifying its facilities to house miners, who are operating non-stop every day.

For this they use the force generated by the Poás River, 35 kilometers from the Costa Rican capital, where about 650 local miners belonging to 150 clients They are mainly mining bitcoin. Its machines are distributed throughout eight containers that are connected to the plant that is located next to the tributary.

Harnessing energy to make money

The president of the company Eduardo Kooper, pointed out that after the strike they learned about Bitcoin mining, a business that requires a high consumption of energy of which they had a surplus, so after analyzing the situation, they decided to enter the business.

Mining Costa Rica Hydroelectric 2

Image: Reuters

However, Kooper also stressed that although Costa Rica has clean and cheap energyAlong with stable internet connections, the state’s intention to promote activity and attract more investors is still lacking.

In an interview conducted by Reuters with one of the local miners, he pointed out that he started in the cryptocurrency business with the intention of making extra money at home, with equipment valued at more than $ 7,000, but the Doing it from the hydroelectric plant allows you to do it at half the cost, making the process more profitable.

It is not the first country to use a hydroelectric plant to mine

Costa Rica currently lacks regulation on cryptocurrenciesUnlike El Salvador, which is the first country in the world to adopt Bitcoin as legal tender in September last year, which is also using the heat of a volcano to obtain bitcoins.

Mining Costa Rica Hydroelectric 3

One of the containers where computers and equipment used for mining are kept | Image: Reuters

In addition, the Costa Rican central bank indicated that they are providing a space for technological innovation to allow a Fintech industry to form in the country, while constantly monitoring developments in the area.

This is not the first case of a hydroelectric plant used by miners. In Thailand they take advantage of the energy produced in Laos, their neighboring country to produce cryptocurrencies, which despite not having good internet connectivity, if they have a suitable electrical system and energy is extremely cheap.

Images: Reuters

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