For those of you that haven’t heard of Hydrominer yet, here is a brief introduction. Hydrominer aims to massively increase the profitability of cryptocurrency mining by using hydropower. By using water as the source of energy for their mining equipment, the company can achieve some of the lowest electricity prices in Europe. Additionally, Hydrominer can realize further cost savings by also using water to cool down their equipment.
Hydrominer is also an amazing initiative to make cryptocurrency mining greener. Nowadays, Bitcoin mining alone consumes as much energy as small countries. If we extrapolate this fact to a world where cryptocurrencies are the main form of payment and the number of transactions is significantly higher than today, we are talking about an obscene amount of energy. It’s crucial that cryptocurrency mining is powered by renewable energies until we reach that point.
I was lucky enough to interview Nadine Damblon, CEO at Hydrominer, to get a deeper insight into what is happening behind the scenes.
Okay Nadine, first question – When did you first get into the cryptocurrency world and what were your initial thoughts?
Back in 2014 a friend of mine told me about this thing called cryptocurrency mining. And I will be honest with you, first I didn’t know what to think of it.
After a while, my sister pushed me in this field and I got absolutely crazy for it. And now 3 years later here I am.
What do you think about the current cryptocurrency mining landscape? Is it sustainable?
Mining is sustainable now and has been since day one. We believe that there will always be a cryptocurrency that will be profitable to mine.
Has someone ever attempted to profitably mine cryptocurrencies using green energy? Or is HydroMiner the first company to do so?
There are Companies using Solar Energy for mining, but we believe that HydroPower is the better Solution for cryptocurrency mining. You probably ask yourself why. We are using the water from our Power Plants to cool down the mining equipment, greatly reducing our overall required energy and cost.
Does HydroMiner have a date in mind for when to make the first dividend payout to token holders? is the company expected to be profitable directly after ICO launch?
The first Payout is starting February 1st, 2018 and will happen monthly from that point on.
About being Profitable, this ICO will just open HydroMiner to the public and help us upscaling our facilities faster. HydroMiner is already profitable at this very moment and we plan to keep it this way.
HydroMiner is also planning to sell mining capacity from January 1st, 2018. Could companies like Genesis Mining pose a threat to that business model?
Actually, I think it is the other way around. We plan to pose a threat on traditional cloud mining companies like Genesis Mining! Companies like Genesis Mining offer hashing power and not Watts like HydroMiner which will separate us from our Competitors.
What is the difference between Watt and HASHes?
The efficiency of mining gear gets higher and on the same time, more people mine, meaning the difficulty to mine a cryptocurrency raises. This rise in difficulty is equivalent to a lower profit per initial hash.
By using the Watt system every owner will receive the same dividend, independent when they’ve acquired the H2O token.
What are the biggest challenges associated with hydro mining? How does HydroMiner deal with seasonal water-level fluctuations in the dam?
We’ve chosen only to rent hydropower stations that had stable reports on the water levels and which is able to continuously produce power.
Is this ICO being registered legally in Switzerland or another jurisdiction? Any concern for global investors? KYC requirements or anything like that?
We have not incorporated a company, yet. We are currently in the process of figuring out the best company structure. After legal consultations, we figured out that it largely depends on how big the investment gets – it just has many factors like legal cost, company establishment costs, tax costs, etc. So we will wait until the token sale is over to establish HydroMiner in the best possible form, maybe even as a stock corporation.
Where do you see HydroMiner and cryptocurrency mining in 5 years?
We at HydroMiner expect CryptoCurrency and value of CryptoCurrency to raise over the next few years and with this, the HydroMiner Project.
Just imagine if you started mining 5 years back, your Profits right now would be absolutely immense.
Where can people learn more about the Hydrominer and the H2O token?
Hydrominer.org has a roadmap, additional information about the project and links to our social accounts.