A Chinese energy firm named Risen Energy has forayed into an association with a Spanish crypto mining farm to develop the capacity of up to 300 megawatts of photovoltaic power. The Spanish firm named CryptoSolarTech earlier already confirmed that it was constructing two firms close to the city of Malaga in Spain utilizing energy-efficient technology.
As far as the contribution of Risen Energy is concerned, it will assist the Spanish firm with the engineering, procurement and construction responsibilities of the project. CryptoSolarTech also launched its own token via an ICO in June this year to help in financing its operations with a token touching a mammoth amount of $68.2 million.
Since the Bitcoin network consumes an average of 200 megawatts of energy for crypto mining per day, the installation is going to be gigantic. In other words, this large-shaped facility will be able to power the entire network alone. The firm needs to have a capacity of around 300 megawatts and will be powered by photovoltaic energy. The company recently also reported that it had generated an average of $69 million from its first two months of existence.
“Funding for the project is secured against the launch and sale of the cryptocurrency tokens from the farms and based on a 15-year power purchase agreement (PPA),” the company official said, as reported by PV Tech.
Apart from venturing into a contract with Respira Energia based in Barcelona, the company also stepped into ICO to make financial profits. However, its token lost a vast majority of its value, putting its name in the top ten ICO losers in the previous month, Cointelegraph published.
On the other hand, the Spanish crypto mining farm traded up to 2.3 percent against the US dollar during the 24 hour period ending on October 4’s closing time. It has a market cap of $1.24 million, Fairfield Current noted.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]