The Austria’s HydroMiner was also known as a green-energy startup says that it can solve bitcoin’s power problem without increasing pollution. According to its website, on Wednesday, its GmbH raises $2.8 million after closing its first ICOs.
However, the cash will be used to install a high-power computer at hydropower plants. Since company says it can mine new digital currencies at the low cost.
Nadine Damblon, the co-founder an chief executive officer of HydroMiner in Vienna,
“A lot of people are worry about the high energy consumption of cryptocurrencies. It’s a huge factor”.
Notably, the computer network running the blockchain tech that the electricity required has increased more than two-fifths. Since, the start of October, around 28 terawatt-hours a year. Moreover, the electricity feeding bitcoin projects are coming from generators fed by fossil fuels.
Remarkably, HydroMiner is a six-person startup that runs cryptocurrency servers at Austrian hydropower mills. Its supplies sipping model that contains servers and software placed at power stations. Therefore, they circulate cold alpine currents via piping instead of AC that keeps equipment cool.
“We mine only with renewable energy. There will be more blockchain adoption if the energy problem can be mangeable this way”.
Furthermore, HydroMiner’s firm design to take advantage of Austria’s plentiful hydropower reserves. Therefore, there are 2000 small stations, most of them sitting idle. As its wholesale power is low and the state support remains absence. Thus, about 4.5 cents a kilowatt-hour firm pays mill owners. It is below 19.3 cent breakpoint needs to make a profit from mining bitcoins.
According to Dablon,
“We’re using renewables not only to be environmentally friendly but also profitable. Since, they have been approaching us. They are open to innovation and to blockchain”.
Noticeable, Austria’s utilities now considering the new revenue streams that could generate from the country’s hydropower resources.