Bitcoin hydropower mining in Congo

 

Considering that

mining cryptocurrencies is a growingly popular

how to purchase digital assets like Bitcoin (BTC)

A national park in eastern Congo has made the decision to mine DeFi using its natural resources.

Specifically

1. the Veronga National Park leadership
2. which has suffered countless misfortunes
3. over the years, acknowledged

Making it in funding is :

desperately needed to preserve its forests and wildlife.

bitcoin mining has been recognized as an ideal opportunity, as reported by Adam Popescu of the Massachusetts Institute of Technology.

According to the report

Africa's oldest protected park and home to endangered mountain gorillas have been affected by years of militia violence, looting, deforestation, pandemic closures, disease and meagre government aid

However :

1. The strategy has been established to
2. use its hydroelectric power.
3. in an effort to recover and prosper, to mine bitcoin.

As park manager Emmanuel de Merode explained:

We have built the power plant and we have come to the conclusion that we are building the grid gradually. Then we had to shut down tourism in 2018 due to kidnappings [by the rebels].

Then :

in 2019 :

we had to shut down tourism due to Ebola.

And 2020 - the rest is a history of COVID-19.

For four years

• all of our tourism revenues

• which accounted for 40% of park revenues

• collapsed :

• this is not something we expect, but we had to find a solution.

With this in mind

De Merode and his colleagues came up with the idea of buying $200,000 from bitcoin platforms that will be powered by hydropower in the park, saving the necessary profits, also a practical way to put this energy to use.

With the help of encrypted investor Sebastian Gospelo

the park bought second-hand servers in early 2020 and began building the world's first known bitcoin mine run by a clean-energy national park.

The power generated by Luviro Water Station is used by the mine.

one of the hydropower plants that has been open since 2013 (with a fourth plant under construction), providing electricity for bitcoin mining with a low environmental impact - using the river's continuous flow rather than being hampered by dams and reservoirs.

Will it work?

Despite occasional developments in the cryptocurrency sector

such as FTX's demise, which had an impact on the price of bitcoin.

• De Merode is optimistic

• noting that mining represents pure profit every day

• regardless of how volatile bitcoin is.

According to Michael Saylor, co-founder of MicroStrategy Investment

The Virunga model is "the ideal high-tech industry to place in a country that has a lot of clean energy but is unable to export a product or produce a service using that energy."

Peter Wall :

1. CEO of Argo Blockchain
2. which operates water
3. powered mines in Quebec, believes

The Virunga mine can already be profitable because it contains all three things ultimately necessary for bitcoin mining: "energy, machinery, and capital."

Finally :

De Merode said that this was an "incredibly good investment for the park"

as "we do not expect its value;

We produce it, "he added,"

making Bitcoin out of surplus energy

and generating income from something worthless. "