In recent mining news, Brookstone Partners has announced its intention to build a 900-megawatt wind farm in Dakhla, Morocco, Hydro-Québec has been given permission to charge cryptocurrency miners increased rates, and DMG has begun installing its 85-megawatt substation in Canada.
Also Read: Crowd Psychology Driving BTC Prices, Finance Experts Say
Brookstone Partners Plans 900 MW Wind Farm in Morocco to Power Mining
Brookstone Partners, a New York-based private equity firm, has announced plans to construct 900 megawatt (MW) wind farm near Dakhla – a disputed territory presently administered by Morocco.
Brookstone founded ‘Soluna’ – the site that will house the proposed wind farm – after acquiring rights to the land from Altus AG. The company hopes to raise $100 million USD via initial coin offering to finance the construction of its first 36 MW worth of turbines. The cost of completing the entire project is estimated to run as high as $3 billion.
The managing director of Brookstone, Michael Toporek, stated: “We have exclusive rights to the area for a wind farm, but 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,” he added.
Brookstone will use the power it generates to power cryptocurrency mining and data centers.
Hydro-Québec Granted Permission to Charge Increased Rates to Crypto Miners
The fourth largest hydropower producer in the world, Hydro-Québec, has been granted permission to increase the rates charged to cryptocurrency miners by the Régie de l’énergie – the economic regulator of Québec’s energy sector. Hydro-Québec will now be permitted to charge 15 Canadian cents (approximately 11.5 U.S. cents) to cryptocurrency miners – double the rate that is available to Quebec’s residential clients.
According to local media, the new rate “would be applied in the event that a promoter connects to Hydro-Québec’s network while a temporary blockade is in effect on the new technology,” with the official decision stating: “The Régie considers that the rates and conditions […] will ensure the security of electricity supply in the particular context of massive, sudden, unexpected and simultaneous demands for the use of blockchain technology, including mining cryptocurrencies.”
Agreements made between Hydro-Québec and operational cryptocurrency miners before June 6th will not be subject to the new price.
DMG Begins Installing 85-Megawatt Power Substation in Canada
Canada-based DMG Blockchain Solutions Inc. has announced the commencement of construction of its “85-megawatt transformer and electrical substation.” The power generated by the substation will be used to fuel the company’s “flagship cryptocurrency mining facility.”
DMG anticipates that the substation will be “connected to the utility power grid and commissioned for full operation in 2018, at which time, it will have 60 megawatts available for energizing mining rigs.”
DMG’s chief operating officer, Sheldon Bennett, stated: “Building and managing a cryptomining 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.”
What is your response to Hydro-Québec being granted permission to increase the rates charged to cryptocurrency mining companies? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, https://twitter.com/dmgblockchain
Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action!