Crypto Mining receives a new boost in Morrocco and Canada as Brookstone is building 900 MegaWatt wind farm in Morrocco; DMG to also build 85 Megawatt power substation in Canada. Also, Hydro-Québec is charging crypto Miners an increased rate on mining.
The New Boost of Wind and Hydro Power To Cryptocurrency Mining in Morroco and Canada
A New York private equity firm, Brookstone partners to build a 900-megawatt wind farm in Soluna, Morocco. Soluna is in-between the Sahara Desert and the Atlantic Ocean some 1,400 kilometers (870 miles) south of Marrakesh. The acquisition of Soluna was from the German-based company, Altus AG. Michael Toporek stated that Brookstone has an exclusive right to the environment to build a wind farm. He also emphasizes the problem of putting the power generated into use. The best thing that could happen with generated power presently is to build a computing center.
Renewable Energy has become a primary source of power for cryptocurrency mining, as adopted by most crypto miners of recent. This is as a result of the increasing cost of electricity. This project will boost cryptocurrency mining in Morrocco, as Brookstone will raise a $100 million through initial coin offering to aid the construction of its first 36 MW worth of turbines. The total estimated cost for the project stands at $3 billion. However, the main reason for the new project is to aid the cryptocurrency mining firms and data centers in the region.
DMG’s Plan For 2018
The Canadian-based company, DMG Blockchain Solutions Inc. is to build 85-megawatt transformer and electrical substation. Plans are underway to complete and commission the sub-station this year. Also, the power generated by the project will aid the cryptocurrency mining facility, as 60 megawatts of the 85 megawatts will power the mining rigs of the company efficiently.
According to Sheldon Bennett, the chief operating officer of DMG,
“Building and managing a crypto mining operation at an industrial scale requires a world-class supply chain as well as direct access to local government and electricity providers. Our management team at DMG is unique in that we have the experience, the relationships, and the capital backing to do this successfully.”
As the cost of electricity surges high, Hydro-Québec, the fourth largest hydropower producer in the world is to increase electricity charges to cryptocurrency miners, as permitted by Régie de l’énergie. Moreover, Cryptocurrency miners will pay an $11.5 fee; twice the fee paid by Quebec residents.
As there is a massive boost to cryptocurrency mining through the creation of power generation, crypto miners are now charged a bit more by Hydro-Quebec. For Cryptocurrency to thrive, more us factors need to be made available for it, such as power generation.
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