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Morocco’s Bitcoin Mining Sector Set to be Powered By  Wind

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Morocco is moving into the blockchain space confidently as the Northern African will be having a wind farm. The wind farm will be built to tackle the issue of the amount of electricity bitcoin mining consumes. Brookstone Partners, a New York-based private equity firm has proposed to build a 900-megawatt wind farm that will be structured to power a data centre that will only serve the purpose of bitcoin mining.

The firm will be raising capital for the construction of the first phase of a wind farm that will be located in Dakhla, Morocco. The idea behind the wind farm is to reduce the amount of money spent on computing power due to the surge in electricity cost. Also, the idea is to reduce the amount spent on traditional fuels such as coal that the mining sector spends money on. Renewable energy is cheaper and eco friendly and more big miners are switching to it to attract investors.

Michael Toporek, Brookstone’s Managing General Partner, revealed: “We have exclusive rights to the area for a wind farm, but the issue was there’s no real place to put. These days, what you can do with stranded power is set up a computing center, develop this as an off-grid project.”

The project will be developed by Soluna, a company founded by Brookstone Partners, Altus AG. The site Soluna has chosen is a Class I wind site. This means that the wind speed reaches higher than 22 mph, that covers 37,000 acres in southern Morocco. The company has the backing of the United States’ former ambassador to Morocco, Dwight L. Bush. The project will also be designed as off-grid operation, with the anticipation that transmission lines will reach the site by mid-2019.

Soluna is looking forward to raising $100 million through an initial coin offering (ICO) that will be used to develop 36 megawatts of turbines. The project’s whitepaper reveals that the electricity generated will be used by crypto-mining and data centres that process blockchain transactions that run on 18 megawatts of power.

John Belizaire, Chief Executive Officer of Soluna explains :
“Our power cost will be among the lowest in the world. That gives us benefits and allows us to keep participating in the ecosystem while others might not be able to sustain their businesses.”

 

What do you think about a bitcoin mining wind farm? Share your opinion with us in the comment section below.
Image credit: pixabay,

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The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Imports and Exports Trade Gets Blockchain Solution

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Abu-dhabi

It’s no news that the government of Abu Dhabi has reiterated several times of moving all existing government operations to the blockchain from 2022. The latest news coming out of the Arabian country is the trading sector, as it has begun the use of blockchain to conduct its transactions.

Maqta Gateway has developed and implemented its own blockchain solution for international logistics and trade. ConstructionMaqta Gateway which is a wholly owned subsidiary of maritime industry developer Abu Dhabi Ports. This feat would be the first of its kinds as it transcends to a paperless real-time tracking which in turn would save time, efforts and paperwork.

Developed by the Digital Innovation Lab of Maqta Gateway, the blockchain was field tested with strategic customers of Abu Dhabi Ports prior to launch and will see a commercial rollout to freight forwarders and their customers initially.

The platform is designed to safely encrypt and secure all documents essential for documentation of cargo. After the technology has been tested, it will then be offered to the rest of the trade community as a ‘complementary tool’ alongside the current Maqta’s Port Community System, a move that will fast-track adoption.

[B]lockchain is a key step in the digitalization of trade,” said Dr. Noura Al Dhaheri, CEO of Maqta Gateway, adding:

The blockchain solution was developed to bridge the gap between exporters and importers in an industry that is notoriously averse to digitization and change by reducing the need for manual paperwork, communication and physical visits with faster, real-time information exchanges over a decentralized ledger.
Through Silsal, we will be offering the trade community secure and integrated access to blockchain technology, with the added value of cost and time savings through real-time track and trace, reduction in paperwork and ease in extracting vital information to receive live updates.

 

 

Would the Import and export trade sector  be able to depend on the blockchain for its cargo transportation? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

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The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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South African Company Introduce Blood Diamonds Tracking Platform.

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South Africa is well known for her diamonds and now the blockchain technology can now be employed in keeping track of the diamonds. South Africa’s De Beers Group, the world’s largest producer of diamonds decided to integrate the blockchain technology to a pilot project to track diamonds from the mine to retail.

The De Beers group seek to eradicate violence in diamond mines, human rights violations, worker exploitation, and environmental degradation. This led to the launch of the Blockchain platform in January,2018. The Platform Is called  called Tracr and the company has revealed that it will be open to the diamond industry as soon as it launches sometime this year. De Beers revealed in a statement, “When fully operational, Tracr will provide consumers with confidence that registered diamonds are natural and conflict-free, improve visibility and trust within the industry, and enhance efficiencies across the diamond value chain.”

The company also revealed that they  have tracked 100 high-value diamonds already across the production to delivery chain using an “immutable and secure digital trail [that] was created for a selection of rough diamonds mined by De Beers as they moved from the mine to cutter and polisher, then through to a jeweller” the company stated.
The company has already started making more plans and has partnered with five leading diamond manufacturers: Diarough, Diacore, KGK Group, Rosy Blue NV and Venus Jewel. CEO, De Beers Group, Bruce Cleaver said in a statement,
“The Tracr project team has demonstrated that it can successfully track a diamond through the value chain, providing asset-traceability assurance in a way that was not possible before.” He explained further, “This is a significant breakthrough made achievable by the close engagement of the pilot participants who share our commitment to industry progress and innovation. We look forward to sharing the platform with more partners in the coming months and capturing their insights before ultimately making this technology available to the broader industry.” The industry is anticipating the Tracr platform.

 

What do you think about the Tracr Project? Share your opinion with us in the comment section below.
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Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Samsung’s Bitcoin Mining Chip On High Demand

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Korea has been the country on the headlines pioneering the blockchain technology and cryptocurrency adoption as businesses within the country are making waves with record-breaking revenue. The South Korean division of Samsung Electronics is the company in focus as it saw its profit surge in the first quarter of the year compared to previous years. For those in the cryptocurrency space, this would not come as a surprise as they know the potential of technology.

The companys spike in revenue is as a result of its semiconductor division which manufactures bitcoin mining chips. Hopes are high as well as expectations that the trend would continue.

In an announcement, the world leader in advanced semiconductor technology, outh Korean Samsung Electronics Co. Ltd. posted its first quarter earnings. Samsung Electronics is the flagship company of the Samsung Group with assembly plants and sales network in 80 countries. The companys consolidated earnings recorded 60.56 trillion won ($56 billion). Its operating profits were 15.64 trillion won (~$14.5 billion), a 58% increase from 9.9 trillion won (~$9.2 billion) achieved during the same period last year. Meanwhile, its year-on-year sales grew approximately 20%.

According to Seoul Newspaper

Demand for the semiconductor division increased due to sales of system LSIs [ASICs] for flagship smartphones and demand for virtual currency mining chips. The samsung electronics semicoundutor division accounted for almost three-quarters of total operating profits, which makes it a record high, an official from samsung explained.

In January, Samsung confirmed it has commenced the manufacturing of ASIC chips used for mining cryptocurrency. Although no evidence exist to support this, but as a spokesperson told techcrunch previously that, “Samsung’s foundry business is currently engaged in the manufacturing of cryptocurrency mining chips.”

The manufacturing of ASIC designs has provide the company offering design services which connect “mid-to-small sized companies”. In January, the Samsung Advanced Foundry Ecosystem program was launched to ensure deep collaboration between the Samsung foundry, ecosystem partners, and customers.

Halong says their rig is “the world’s most efficient bitcoin miner, operating at 16TH with Asicboost technology inside for greater power efficiency.” Halong who is a minig rig manufacturer has revealed that miners success is attributed to samsungs chips.

Its almost a monopolist market with just fa ew competitors within the space, with the largest being TSMC which supplies mining chips to hardware makers Bitmain and Canaan. TSMC also recorded a record high in sales dues to the high demand for the hardware.

 

 

What do you think about possibilities of the technology beyond exchange and trade? Let’s hear from you. Leave your comment in the comment section below.

 

Image source:  XDA Developer
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Georgia Prospers in Cryptocurrency Mining, Becomes Second Next to China

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What countries comes to your mind when you think of bitcoin mining operations? Does Georgia ring a bell? Of course, it doesn’t, this is because countries like Iceland and mainland China are well known to be the main mining hub. However, that idea has been debunked as the small country of Georgia is currently experiencing an influx of cryptocurrency miners.

Georgia, a winemaking country located in the region of Eurasia now ranks as the second most profitable area in the world for cryptocurrency mining following China. Despite statements from the Georgian central bank warning potential retail investors that cryptocurrencies may be “risky investments,” it hasn’t stopped the digital currency industry from thriving in the country. Although the country’s stance towards cryptocurrency is not as rigid as that of other countries, the tiny former Soviet republic of fewer than 4 million people is experiencing a change over from grape fermentation to bitcoin mining.

Mining activity in Georgia is being carried out by a U.S.-based technology company called Bitfury.  The company has a vast data center filled with computer servers that it opened on the outskirts of the capital, Tbilisi. Electricity is largely subsidized in the Alazani Valley and this has encouraged the influx of miners. Although, Bitfury’s has raised some kind of controversy with the annual electricity being utilized by the company at 28 million kilowatt-hours of power every month.

Despite oppositional bureaucrats claiming that the former Prime Minister of Georgia, Bidzina Ivanishvili, is secretly partnered with the Bitfury operations. Bitfury’s attorney has alleged that they only borrowed funds and the loan was paid in full, and “no financial ties remain.” The Georgia energy sector has a mining friendly price at 4 – 6 U.S. cents/kWh and this is attracting cryptocurrency miners in droves.

 

 

 

What’s your opinion on Georgia’s new status as a global leader in mining country next to China? Let’s hear from you in the comment section!

 

Images via JAMnews, Reuters 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

 

 

 

 

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