A new cryptocurrency project, HydroMiner, intends to use hydroelectric power from the European Alps to mine cryptocurrencies cheaply, and will issue its own token, H2O, which can be used to purchase contracts within the project. The company is based in Vienna, Austria, where hydroelectric power is relatively cheap.
Given the growing costs and energy required to mine bitcoin and other cryptocurrencies, there have been concerns in the cryptocurrency community regarding the cost to the environment of mining cryptocurrencies and maintaining their networks. HydroMiner is one potential solution to this problem, given that generating electricity from water is up to 85 percent cheaper than the average cost in Europe and leaves no carbon footprint. The company sees renewable energy as an effective way to adapt to the increasing costs and centralization of mining operations, and plans to scale its operations using hydroelectric power.
HydroMiner will decide which cryptocurrencies to mine based on software algorithms that will help the company determine which ones are the most profitable. The company is selective about the mining pools it joins, taking into account payouts, liquidity, and other factors.
The company will use sea freight containers to store the mining equipment and keep it cooled. These containers can easily be assembled and moved where needed. A portion of the funds derived from the initial coin offering (ICO) will be used to purchase these containers. The company has its own unique method of keeping the containers cool, which saves space and increases their capacity.
Currently, the company rents two hydroelectric plants in Austria, and will use investor funds to expand their operations to other locations. Given that the company believes in transparency, investors are invited to visit the Austrian Alps to stop by and take a tour of the hydroelectric plants used by the company.
The company will allow owners of H2O tokens to use them to purchase mining time or packages. Among the packages to be offered are bitcoin, Ethereum, Zcash, and baskets of altcoins. Should the profitability of a package decrease substantially, HydroMiner will provide alternatives based on profitability. To receive payouts, H2O owners must register on the website and set up a web wallet. H2O token holders will receive net proceeds minus costs to maintain mining operations.
In total, 100,000,000 H2O tokens will be minted, with a nominal value of 0.01 ETH (Ether). The H2O token is ERC20 compatible, which will allow it to be stored in many Ethereum wallets. The ICO will take place from October 18 to November 15, 2017.
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