State-owned power plant in Estonia begins mining cryptocurrency

The harsh wind of the Baltic Sea is now used for cryptocurrency mining. A state-owned wind farm in Estonia provided 6 megawatts of natural energy for mining.

The cost of electricity in the profitability of cryptocurrency mining is the most pressing problem today. A study by analyst Morgan Stanley notes that cryptocurrency mining may require up to 140 TW of electricity in 2018.  

High energy costs when mining coins serves as a good motivation for switching to renewable energy.

Estonia is one of the European countries that cares about natural resources and is loyal to cryptocurrency and blockchain technology. She combined both policies into a kind of symbiosis on the island of Saaremaa off the west coast of Estonia.

Late last week, a state-owned wind farm in Estonia began serving the mining process. In a press release, a representative of the power plant's board noted that Eesti Elekter's 7-turbine, 6-megawatt wind farm provides 24-hour connectivity to mining farms. 

For Estonia, this is another step in the fierce competition in Eastern Europe. Today Estonia is one of the countries with the highest level of Internet penetration in the world. The country has introduced a favorable tax policy for cryptocurrency - it is not subject to value added tax. The government is seriously considering the possibility of creating a national cryptocurrency "estcoin". 

All these factors make a small country a big competitor for attracting crypto startups.