Bitcoin mining firm Soluna to start operations in Morocco
Soluna, a bitcoin mining company is planning its construction in Morocco to start in January 2019. The construction will happen on a 36 megawatt (MW) wind farm near Dakhla, Morocco in a land area of 37,000 acres that could accommodate up to 900MW of wind capacity.
The company is a product of Brookstone Partners, New York and it will sell around 20 percent of its electricity output to the Moroccan government to have a hold local laws.
In addition to the 36MW, the project will include computing facilities that draw up to 18MW. To make these facilities operational they have planned to raise $100 million by which they would eventually complete the project.
A scheme called power purchasing agreement (PPA) will be able to aid the company to build a hold over the region in regards to extending sales well over the borders in the years to come.
"Morocco has a law in place that effectively guarantees a PPA for the energy provider. We will start with that and grow from there," said John Belizaire, CEO, Soluna.
In another interview with GreenTech Media, Belizaire said that he knew the political sensitivities of the region and has got all the rights to invest in Dakhla as they respect the legal frameworks relating to energy development.
The management of the wind farm will be on contract basis and the company will hire employees from Morocco to manage the farm.
Morocco, along with countries like India and Iran has formally outlawed cryptocurrency payments last November.
As BC Focus reported earlier, Iran, however, has given the green signal and revealed its national cryptocurrency last month.
Image via Shutterstock
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