3. Why is hydro mining important for cryptocurrency mining?

It provides an eco-friendly energy source for power-hungry cryptocurrency mining.

In a time when we are all becoming more environmentally conscious, the biggest criticism against cryptocurrency mining is that it takes excessive amounts of electricity to execute.

Mining Bitcoin and Ethereum, two of the most valuable cryptocurrencies, uses the same amount of energy as Morocco, a country with a population of close to 36 mln.

A single Ethereum transaction consumes 53 kWh. In comparison, a dishwasher appliance consumes an average of 288 kWh in a whole year. That means for only five Ethereum transactions you can power your dishwasher for an entire year.

And if you think that around 300,000 transactions are being processed on the Ethereum network every day, that’s a lot of dishwashers.

In fact, according to data compiled by Digiconomist, a single transaction on the Ethereum network can power a typical American household for 1.5 days. At 5.5 days per transaction, Bitcoin is even more energy hungry.

The chart below shows how the energy consumption in mining Bitcoin has drastically increased in the space of just one month.

Without cryptography, Blockchain technology loses one of its core benefits, which is security.

Unfortunately, solving the complex algorithms to decipher the cryptography requires enormous amounts of electricity, most of the time from using non-renewable energy sources.

A company like HydroMiner uses hydropower to fuel its mining operations which is one of the most effective and low-cost, renewable energy resources globally. It is environmentally friendly, carbon neutral and natural.

In addition, using water to cool mining equipment can reduce cost by up to 85 percent less than the average electricity costs in Europe.

From an environmental standpoint, it’s therefore important for cryptocurrency mining to move to a more eco-friendly energy source that not only reduces the cost of electricity consumption but also generates it from renewable sources, minimizing the carbon footprint of such operations.