Crypto Mining Gives Costa Rica Hydro Plant New Life

Crypto mining gives Costa Rica hydro plant new life. One of Costa Rica’s hydroelectric power facilities, which is powered by a small river. That runs through coffee plantations, sugar cane fields, and forest. Gves energy to hundreds of computers that are involved in the bitcoin mining industry. This is according to the country’s official website.

One of the world’s largest manufacturing plants is located adjacent to the Poas River. 35 kilometers (22 miles) from San Jose, the country’s capital. Costa Rica generates virtually all of its electricity from renewable sources. And the plant that powers over 650 machines for 150 different customers. It is located adjacent to the Poas River. The plant has eight containers, each of which is powered entirely by crypto mining gives the plant’s own energy.

After 30 years, the administration of the Central American country. Where the state has a monopoly on energy distribution. This was compelled to reinvent itself. As a result of a surplus of electricity made available by the pandemic.

When speaking with NBC News, Eduardo Kooper, president of the family business. That owns both a 60-hectare farm and a manufacturing plant. Explained why the company had forced to shut down for nine months. “We forced to close because of a natural disaster.” It was exactly a year ago that Eduardo Kooper, the head of the family business. That owns the 60-hectare Data Center CR farm as well as the manufacturing facility. Learned about Bitcoin, blockchain, and digital mining.

After doing some study, we discovered that this company utilizes a significant amount of energy. And that we actually had an excess of energy.”

The $13.5 million hydropower corporation has three plants

The hydroelectric company, which has three plants with a combined worth of $13.5 million. And also a capacity of three Megawatts, invested $500,000 in a venture. In which to host digital mining machines on its servers.

International bitcoin miners, according to Kooper, are searching for clean. Inexpensive electricity as well as a reliable internet connection. Both of which Costa Rica provides in abundance. He did, however, suggest that the Costa Rican government. Could be more aggressive in its efforts to attract more crypto mining industry. Though he did not provide any specifics.

A request for comment from the public not responded to by the government.

Costa Rica does not have a specialized cryptocurrency regulatory framework. In contrast to El Salvador. Which became the first country in the world to recognize Bitcoin as legal tender in September 2021. And has no plans to do so. 

Its central bank stated that it was creating an environment conducive. To the technological innovation in order to foster the growth. In which a Fintech industry, and that it was closely monitoring developments.

For the time being, all Data Center CR customers are based in the local area. Such as Mauricio Rodriguez, a 31-year-old computer security engineer. Who began digital mining in 2021 as a way to supplement. In his income from home with equipment valued at $7,000.

“Installing it here is far more profitable than installing it at home”. He calculated after connecting his computer to the network. At the river-powered facility. “It’s practically half the cost of also installing it at home,” he added.

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