It will be built in Australia

    

The block division of the Australian company IoT Group in partnership with Royalti Blockchain Group, a local reseller of the Bitfury mining team, plans to open its own company for cryptocurrency mining.

Under the terms of the agreement, in Hunter Valley, in the 2-hectare area, a "Blocking Application Complex" will be created, which is planned to be supplied by the coal-fired power station in Redbank, which has not been operational since 2014 In turn, Royalti will install Bitfury equipment in the areas of the IoT Group.

The agreement with Royalti supposedly cost the IoT Group more than 190 million Australian dollars ($ 142 million). However, there are no specific figures in the message.

In addition, Royalti will receive 20 megawatts of electricity for at least five years at a price of 11 cents per kWh, while the standard rate is 30 to 45 cents.

However, before implementing the project, Hunter Energy must purchase and commission the Redbank power plant. If you can do this, IoT Group can receive electricity at preferential prices.

"Investors should bear in mind that implementation of the agreement will only be possible if certain conditions are met, including the purchase of Hunter Energy from the Redbank power plant, otherwise the transaction will not take place"

It is expected that the necessary conditions will be met before October 1st.

Recall, at the end of March, that the Bitfury Group announced the opening of a new energy efficiency data center in Norway. The company intends to invest $ 35 million in infrastructure and the creation of 30 jobs.