Cryptocurrency mining company uses green energy

Austrian startup has built cryptocurrency mining facilities that run on hydroelectricity, reducing running costs of powering mining hardware.

Austria31 Oct 2017

Hydroelectric crypto-mining | Photo source Shutterstock

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This is part of a series of articles that looks at entrepreneurs hoping to get their ideas off the ground through crowdfunding. At the time of writing, each of these innovations is currently seeking funding.

While cryptocurrency continues to gather greater recognition and spawns more innovations, as we’ve seen recently with an app that converts users’ spare change into their cryptocurrency of choice, now a startup has found a way to increase its profit margins — by mining with cheaper, renewable energy. Austria-based HydroMiner is in the process of scaling up a project that uses hardware powered by hydroelectricity to mine cryptocurrencies. Mining is the process by which digital transactions are verified, creating new ‘money’, by adding a codified stamp of authenticity to the blockchain, or the digital ledger on which cryptocurrencies such as bitcoin…

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