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| comment | | "parent_author":"",<br>"parent_permlink":"mining",<br>"author":"ppjose2001",<br>"permlink":"australian-blockchain-firm-strikes-usd190-million-crypto-mining-deal",<br>"title":"Australian Blockchain Firm Strikes $190 Million Crypto Mining Deal",<br>"body":"Sydney-based IoT Group,<br> an ASX-listed firm,<br> has inked a deal with the Australian reseller of Bitfury\u2019s bitcoin mining hardware to kickstart a mining operation if it can get a decommissioned coal plant up and running again.\n\nIn an announcement and disclosure on the Australian Securities Exchange (ASX) on Monday,<br> the IoT Group revealed its subsidiary IoT blockchain had signed a \u2018conditional binding terms sheet\u2019 with Royalti Blockchain Group,<br> the Australian reseller of bitcoin mining hardware giant Bitfury.\n\nThe proposed deal sees the IoT Group envisioning the development of a \u2018Blockchain Applications Complex\u2019 (BAC) in Hunter Valley,<br> powered by the Redbank power station \u2013 a decommissioned coal plant. As reported previously,<br> the IoT group partnered Hunter Energy in the endeavor with the latter working to acquire the power station to build the proposed mining center across two hectares. If successful,<br> the IoT Group claims it will be able to draw energy at wholesale prices from the power station.\n\nThe deal is said to be over AUD$190 million according to a media release by the IoT Group,<br> although disclosure compliance rules see no details of the figure present in the official ASX announcement.\n\nAccording to the terms of the agreement,<br> Royalti would install its Bitfury mining hardware at the facility provided by the IoT Group,<br> alongside 20 megawatts of power for at least five years at 11 cents per KWh. Retail rates,<br> in comparison,<br> cost anywhere between 30c to 45c\/KWh.\n\n\nSource\nhttps:\/\/www.ccn.com\/australian-blockchain-firm-strikes-190-million-crypto-mining-deal\/",<br>"json_metadata":" \"tags\":[\"mining\",<br>\"rig\",<br>\"blockchain\" ,<br>\"links\":[\"https:\/\/www.ccn.com\/australian-blockchain-firm-strikes-190-million-crypto-mining-deal\/\" ,<br>\"app\":\"steemit\/0.1\",<br>\"format\":\"markdown\" " |
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