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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US about to be Home to largest Bitcoin Mining Facility as Northern Bitcoin Merges with Whinstone US Inc.
The United States is about to become home to the largest cryptocurrency mining facility in the world as Germany based firm Northern Bitcoin merges with US based Whinstone US.
The merger will see the firms build the world’s largest Bitcoin Mining facility in Texas thus positioning it as a global leading player in crypto mining business.
According to the Press Release issued by Whinestone US on the 18th of November, 2019, Whinstone Inc has successfully operated its own Bitcoin mining sites in the US state of Louisiana and is now building the world’s largest Bitcoin mining facility with a capacity of one gigawatt on an area of over 100 acres of land in Texas.
The project will take three phases of which the first phase will be completed by the first quarter of 2020 with over 300 megawatts of capacity. The project is expected to be completed by the fourth quarter of 2020.
According to the Press Release, the first customers of the new site are two stock-listed firms that will use a significant portion of the capacity for Bitcoin mining. The firm also said, apart from bitcoin mining, the facility after completion can also be used for video rendering and artificial intelligence applications in the future.
Speaking on the merger, Aroosh Thillainathan, Co-Founder and Managing Director of Whinstone US said, “With stock-listed Northern Bitcoin AG, we have found the ideal partner to position our successful business development on the capital market from now on. The joint company has the immediate potential to shape the future course of the global mining industry,”
CEO of Northern Bitcoin AG, Mathis Schultz,
“With this merger, we are catapulting ourselves faster than originally planned to the top of the world in Bitcoin mining. Whinstone’s team has done a great job over the past few years and is proving its leadership in the blockchain industry by building the world’s largest mining facility,”
He went further saying, “Together, we have a dominant leadership position in this fast-growing industry and are well-positioned to benefit significantly from the future development of blockchain technology.”
The completion of the project will see the US home to the largest bitcoin mining facility globally. The joint venture will see both firm’s experienced management complement that of Northern Bitcoin
Bitmain Announces the release of two new ASIC Antminers
Bitmain announces the development and release of two new cryptocurrency mining products in the Antminer 17 series. The announcement was made by the Co-founder of Bitmain Jihan Wu at the World Digital Mining Summit (WDMS) held at Frankfurt, Germany today the 9th of October, 2019.
The new mining models which are the S17+ and T17+ both come with improved power efficiency and hashrate. According to Bitmain, the Antminer S17+ posses a hash rate capacity of 73 TH/s and works with a power efficiency of 40J/TH + 10%.
The other product, the Antminer T17+ offers a 64 TH/s hash rate capacity at a power efficiency of 50 J/TH + 10%.
Speaking on the release, Jihan WU at the Summit in Frankfurt said “our new Antminers are at the forefront of mining innovation. They each represent the future of its rig design and power efficiency.”
He went further saying “We remain committed to our research and development capabilities and will continue to improve our devices.”
Using what it called the dual tube heat dissipation technology, Bitmain revealed the miners has been designed so that the space between the air inlet to the air outlet has been reduced by half thus improving head dissipation effectively as well as minimizing the noise of the fan.
Also included to ensure stable and safe operation of the miners, high temperature and fan abnormal production mechanism has been built in, revealed Bitmain.
According to Bitmain, the two new miners, Antminer S17+ and T17+ will be available on the company’s website according to a given timinig.
Sales will commence from the 11th of Ocotber, 2019 at 19:00 GMT+8 while delivery time will be between 1st to 10th December, 2019.
Bitmain was founded in 2013 by Jihan Wu and Micree Zhan with its headquarters in Beijing China. Since it was founded, Bitmain has grown to be the largest designer of application specific integrated circuit chips for cryptocurrency mining.
United States Finds Potential Use for Blockchain In The Energy Sector
In a report titled Bitcoin, Blockchain, and the Energy Sector, the US Congress has released a report via its Congressional Research Service detailing potential applications of blockchain technology in the country’s energy sector.
According to the report dated 9th of August, 2019, the US legislators examined the current state of the cryptocurrency industry with emphasis on cryptocurrency mining.
The report discussed the requirements of mining cryptocurrency using Proof of Work POW consensus, saying it requires “substantial energy“. The energy is to operate the devices computing the calculations required to maintain the integrity of the blockchain and to thermally regulate the devices for optimal operation.
Quoting estimates of power consumption in 2018, it says energy usage range between 2500 MW and 7670 MW and this comparably is nearly 1% of electricity generating capacity in the United States.
On Co2 emissions impact as a result of mining cryptocurrencies, the report maintains that “opinions differ”.
As the demand for energy to mine cryptocurrency increases, the governments of the world are developing policies to respond to the growing demand for power as there has been various mention of power theft as a result of some form of restrictions owing to the burden the mining facilities are putting on the power infrastructure.
It should be recalled that few weeks ago, the Iranian government legitimize cryptocurrency mining as an industry in the country. The study highlighted States that are attractive to miners such as Canada, Georgia etc.
In spite of the energy demands of the mining of cryptocurrency in the United States, the report highlighted the government’s efforts to improve the energy efficiency of mining operations.
And despite the challenges of cryptocurrency mining to the energy sector, the report presented the opportunities for blockchain technology such as electric vehicle charging infrastructure and distributed energy resources amongst others the report said.
Image Credit: house.gov
Major Mining Company BHP, Japanese Shipper NYK Deliver Biofuel Traced via Blockchain
Can this qualify as blockchain adoption at Multinational level?
Shipping news magazine Dry Bulk on Tuesday, February 5th reports that international metal and oil mining giant BHP has successfully tested blockchain in a conjoint experiment with Japanese shipping company NYK.
BLOC — a developer of blockchain applications for the maritime industry — built the decentralized ecosystem for the trace and Sustainable biofuel company GoodFuels provided its product for the experiment.
For the testing was the GoodFuels biofuel was delivered to the BHP-chartered and NYK-owned bulk carrier Frontier Sky, while carbon dioxide (CO2) savings were verified via a blockchain fuels assurance platform.
As reported by cointelegraph Dry Bulk explained that, the sustainable biofuel used in the experiment serves as an alternative to traditional fossil-based marine gasoil, allowing for the reduction of CO2 greenhouse gas emissions equivalent to over 125,000 miles driven by a car.
According to the magazine, the joint delivery is an important step for BHP and NYK in terms of global decarbonization policy. Blockchain, in its turn, could help the industry to verify supply chains, making sure that only sustainable fuel is used during the shipping process and that the origin, emission reductions and fuel quality metrics are transparent and easy to trace.
it is no news that blockchain has gained a significant level of adoption in the maritime industry, with major ports and shipping companies using the technology to support supply chains and trace shipments.
Can this qualify as blockchain adoption at Multinational level? letshave your opinion on this. is blockchain adoption viable in the marine industry?
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