An Ambitious Wind Farm Project May Make Morocco a Crypto Mining Mecca
Jul 29, 2018, 1:45PM
Brookstone Partners, a New York-based private equity firm, is raising capital to develop a new 900-megawatt wind farm in Morrocco.
The line between cryptocurrency and the mainstream continues to blur as blockchain-related projects become increasingly relevant to other sectors in the economy. This time the development is centered around renewable energy and crypto mining. Brookstone Partners, a New York-based private equity firm, is raising capital to develop a new 900-megawatt wind farm in Morrocco. The location, 870 miles south of the nation's capital, is known as a potential hub for cryptocurrency and data mining due to its isolated, off-grid location.
According to Micheal Toporek, Brookstone's managing director, the firm struggled to find a use for the energy generated in such an isolated location. “We have exclusive rights to the area for a wind farm, but the issue was there’s no real place to put the electricity." The firm sees cryptocurrency mining and other computationally-intensive activities as potential solutions to the conundrum. Toporek states: "These days, what you can do with stranded power is set up a computing center, develop this as an off-grid project.”
Brookstone is involved in cryptocurrency-based financing through its subsidiary, Soluna. Soluna aims to raise the $100 million required through an ICO in order to build the first phase of the wind farm operation. The first phase will be around 36 megawatts of turbines designed to run around 18 megawatts worth of crypto-mining and data centers. As with all off-grid wind energy sites, the Soluna project may struggle with intermittency due to inconsistent wind patterns. The entire project is expected to cost up to $3 billion by completion.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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