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This Cryptocurrency Miner Says It Solved Bitcoin's Power Problem

  • Austrian startup uses hydropower to mint ethereum and bitcoin
  • Electricity consumed to mine bitcoin rose 43% since October
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Bitcoin’s meteoric rise is attracting a ton of attention. Is it ready for the mainstream?(Source: Bloomberg)

A green-energy startup says it can solve bitcoin’s surging electricity consumption without boosting pollution, an issue threatening to halt the meteoric rise of the virtual currency.

Austria’s HydroMiner GmbH raised $2.8 million after closing its first initial coin offering on Wednesday, according to its website. The cash will be used to install high-powered computers at hydropower plants, where the company says it can mine new digital currencies at a cheaper cost and with lower environmental impacts.