HydroMiner speaks at the World Bank
Workshop on innovations and technological disruptions in the hydropower sector at the World Bank in Washington DC
We, Nicole and me, wanted to share the insights we gained during the “Workshop on innovations and technological disruptions in the hydropower sector” at the World Bank in Washington DC, Thursday 5 April 2018.
We were honored to be invited by Pravin Karki, Global Lead of the Hydropwer & Dams, World Bank Group, to talk about our business model in front of high-level decision-makers, among them private and public developers and owners of hydropower assets, service providers and equipment manufacturers.
My talk focused on the connection between energy demand and the blockchain technology. These two are combined through HydroMiner’s business model through deploying the hardware inside the hydropower stations to benefit from a sustainable and competitive priced energy source.
Hydromining has the potential to serve as an opportunity for hydropowerstations in remote areas or in abundance of a grid, because the energy can be used directly through the cryptocurrency mining in a profitable way.
Additionally it can be a chance for hydropowerstations that are getting build in still undeveloped areas to serve as an directly profitable use case for the energy.
I was positively surprised to hear most of the various speakers voice a need for the abolition of regulations, in order to make it easier for new planned and retrofit hydropowerstations projects to happen. There is a need for removing the administrative barriers in the hydropower sector as in many other sectors as well for allowing the business to grow.
Since in the cryptocurrency sphere regulations are just being discussed and are not as advanced as in other sectors, it will be an important task for us and other blockchain projects to work together with the authorities and regulators to educate them about the technology of the blockchain to pave the way for reasonable regulations that don’t prevent business but rather stimulate it.
An interesting remark was made by Lawrence Jones, Vice President of the International Programs of the Edison Electric Institute, who talked about the invisibility of the changes on the hydropower sector, where changes happen, but not on the same scale as in other sectors, since hydropower and dam projects are long-term projects planned for 100 years ahead, which brings a unique mindset with it. The interest was there for the possibilities that the blockchain technology could open for the hydropower sector.
The blockchain technology has the ability to disrupt energy distribution, cryptocurrency mining offers oppurtunities in regulating the energy flow can be seen as a new profitable energy outlet, in smart micro grids consumers are able to become prosumers; there is a wide range of possible future scenarios, in which hydropower, the blockchain and hydromining can be combined to achieve new useful tools for a more productive outcome.
Richard Taylor, Chief Executive of the International Hydropower Association, emphasized the role of hydropower as one of the leading renewable energies with a lot of undeveloped potential. Hydropower will help to double the share of renewable energy in the global energy mix by 2030.
One has to keep in mind that the biggest energy generators do all come from hydropower, the Three Gorges Dam is leading the worldwide energy production and has a generating capacity of 22,500 megawatts (MW).
To conclude, we saw a huge interest in blockchain and hydromining in particular and are thrilled to work with such inspiring people.