Morocco to Open a 900-Megawatt Wind Farm For Bitcoin Mining
Mining bitcoins have become a controversial topic, as it has been proven that the giant uses too much of the world’s electricity. As crypto-mining firms seek new locations that could possibly save them tons of money, a location in Morocco was supposedly chosen in which a 900-Megawatt Wind Farm would be established. Why? Based on existing data, the renewable energy in hand would mean inexpensive electricity.
New York-based, private equity firm, Brookstone Partners was the one to have caught the location, which supposedly lies in between the Sahara Desert and the Atlantic Ocean. The firm is currently taking the required action to raise funds needed to build the wind farm.
The endeavor was shared to Bloomberg by the Managing General Partner of Brookstone Partners, Michael Toporek, who mentioned that the rights belong to the firm, however, choosing a location has always been a problematic factor.
In particular, Toporek said:
“The issue was there’s no real place to put the electricity. These days, what you can do with stranded power is set up a computing center, develop this as an off-grid project.”
The private equity firm will allegedly raise its funds through an initial coin offering (ICO), with a minimum collection set at nearly USD$100 million. With the money raised, the first development phase will be underway, which consists of building 36 of the 900 megawatts of turbines. As per News BTC, the face of the project will be none other than Soluna, which was created by the equity firm itself.
CEO of Soluna, John Belizaire shared that Soluna’s role in the project will be to ensure that the demand for power is met in a way that satisfies blockchain needs, with a lot of focus on maximizing clean energy. He explicitly said:
“Our vision is to power the blockchain with clean, renewable energy […] Soluna will address the growing demand for energy to power today’s growing blockchain networks, and will create the first “service node”, providing high-density computing for future blockchain networks.”
Bloomberg’s analyst, Itamar Orlandi does not believe that the plan is effective, as it may, according to him, “reduce the utilization factor of the data center as long as it is off-grid.” It was also noted that Soluna’s “revenue from mining operation will be unpredictable and possibly volatile.”
What’s your take on Brookstone Partners’ vision? Do you see it working out?