China’s Risen Energy and CryptoSolarTech Crypto Mining to Build 300 Megawatt Power Farm
Chinese Energy Company To Support Spanish Crypto Mining Farm
Risen Energy, a Chinese energy company, has partnered with a Spanish mining farm CryptoSolarTech to create a mining farm with the capacity of 300 Megawatts (MW), as originally informed by the Chinese media.
Some months ago, CryptoSolarTech has confirmed that it was building two farms near Malaga using energy-efficient technology and Risen Energy will help the company with the engineering, procurement and construction part of the project.
The mining installation will be a huge one as the Bitcoin network consumes about 200 MW of energy for mining every day, according to the Bitcoin Energy Consumption Index. This means that this facility could power the whole network alone.
Recently, CryptoSolarTech created its own ICO to assist in the financing of the platform and it was able to get $68.2 million USD. The tokens will be based on a 15-year power purchase agreement made with the company.
Last month, CryptoSolarTech raised $60 million EUR ($69 million USD) from its first months of existence and concluded a power supply contract with Barcelona-based Respira Energia.
However, not all news was good for the company. Since the ICO, the token of the company lost most of its value and it made it to the top ICO losers at the time.