Private Equity Fund To Back Wind Farm To Power Bitcoin Mining Operation And Data Centre
Private equity company Brookstone Partners is reportedly raising funds for the development of a 900-megawatt wind farm in Morocco. The project has been attracting investors for its potential to mine cryptocurrencies and manage data using clean energy, located between the Sahara Desert and Atlantic Ocean.
The cost implications of electricity usage involved with mining is high. Many companies have been forced to look for cheap renewable energy sources due to surges in electricity prices. Due to the electrical demand of mining, companies are not able to use traditional fuels such as coal from fear of creating too large of carbon footprint.
Brookstone has the exclusive rights to build the wind farm in the area but challenges arise with storing the energy. A computer data centre is to be set up to utilise any additional power generated by the farm.
The company wish to raise $100m in an initial coin offering to build the first turbines that will be used to power the crypto-mining and data centre. Completion of the entire project could cost up to as much as $3bn.
Intermittency is a challenge the centre will have to overcome as the machines will need power to function even if the wind doesn’t blow if the farm is off-grid. The Industry’s electricity use had increase rapidly the last year reported consuming up to as much as 60% of mining revenue. More companies are looking towards cheap energy to maximise profits when selling bitcoin or they cash out crypto.
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