Australia to connect pre-grid power to blockchain: NSW hunter valley, the next Silicon Valley?
Hunter Energy along with Internet of Things (IOT) group has agreed to build a blockchain centre inside the Redbank coal-fired power station to provide cheap electricity for blockchain applications such as crypto-mining and other virtual currency transactions.
The electricity markets in Australia and worldwide are facing difficulties while transmitting energy generated in conventional form as well as from wind and solar energy. Energy must be transmitted in a very secure way to avoid the tapping of electricity illegally. Hunter energy is a company with expert professionals who has built an energy supply portfolio to securely transmit energy.
IOT in an ASX announcement said that they have signed agreement with the Hunter Energy group granting it the right to develop a Blockchain Applications (BAC) behind the grid with direct transmission of the power. Upon completing the recommissioning of the power station located in the southeastern Australian state New South Wales, the power will be provided at a wholesale price. Over the next 12 months of time, Hunter energy is proposing to recommission the power grids. This would attract blockchain related traders and marketers to Australia.
This deal is first of its kind in the history of Australia, to give access directly to wholesale prices. This will avoid any additional costs from retailer, transmission, and being connected to poles, wires and transformers.
Since Australia has a stable government with democratic system, the banks are stable and backed up by Australian government. Due to this fact international companies are likely to consider Australia as destination to concentrate their activities. In addition to this Australia is safe, secure, and the political system is very stable. The banking system in Australia is one of the best in the world also it has reasonable social living standards.
After the completion of the proposed BAC and transaction with Hunter Energy, having access to wholesale price combined with Australia’s sovereign benefits will attract domestic and international blockchain traders and operators.
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