By
Kofi Ansah
September 20th, 2022
Following an initial coin offering campaign, the company is going to expand its mining operations by acquiring additional hydropower facilities.
HydroMiner is an eco-friendly cryptocurrency mining company that utilizes green energy produced by its hydropower stations in Europe’s Alpine region.
HydroMiner was founded in Vienna in 2016 by sisters Nadine and Nicole Damblon, who started cryptocurrency mining in their apartment back in 2014, before scaling their operations to two hydropower stations.
Hydropower is considered one of the most effective and economically attractive renewable green energy sources. It is very clean, sustainable and natural technology with almost zero emissions.
In addition to being ecologically friendly, it enables to significantly reduce the cost of mining. HydroMiner’s energy prices are 85% lower if compared to average electricity cost in Europe. By using water for cooling equipment, the company will further cut prices and thus will be able to compete with China and Northern Europe in terms of energy costs.
HydroMiner also uses standard sea freight containers that can be assembled near the company’s headquarters in Vienna and delivered to the hydropower plant. The main advantage of using containers is that they can be quickly transported to another location. Besides, HydroMiner has a proven method for equipping containers with mining gear by using effective cooling and ventilation equipment.
“We have currently rented, with the option to buy, two hydroelectric power stations in Austria,” HydroMiner said in a whitepaper. “We use the room inside the stations or place containers nearby to avoid the high network costs for the power lines. Additionally, our proprietary cooling system allows us to save considerable space so that we can significantly increase the number of GPU cards per square meter compared to other mining projects.”
On September 25, the company will launch a week-long presale that will be followed by an ICO. The sale of its H2O tokens will go live on October 3, 2017, and is planned to run within five weeks. The investments will be used to grow the company’s mining operation by renting more hydropower stations.
The majority of crytocurrency mining still occurs in Asia, with China playing the leading role in the sector. As of 2016, local mines accounted for nearly 70% of all cryptocurrency processing power. This month, Bitmain, the Chinese company that controls the world’s largest mining pools, including Antpool and BTC.com, received $50 million in investments from Sequoia Capital and IDG Capital.
Recently, the Tokyo-based GMO Internet Group has announced plans to enter the mining industry, as it believes that cyrptocurrencies will turn into new universal currencies used all over the world. The similar announcement was made by Japanese entertainment giant DMM Group, which now aims to become one the three leading mining farm operators in the world.
