Abandoned Plant in Australia Will Be Converted to Blockchain Applications Complex

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Two large companies working in the field of Blockchain concluded a partnership agreement, according to which the companies intend to engage in the production of crypto-currency, using the premises of an abandoned plant in Australia. The official confirmation was published on May 7.

A joint business plan was presented by IoT Blockchain and the Royalti Blockchain Group. The plan contains information on the construction of a joint venture.

Having concluded the agreement, the companies plan to convert the Redbank power plant into “Blockchain Applications Complex”. Also, Hunter Energy Power Station will provide electricity at a reduced price. If successful, the Bitcoin mining farm will occupy an area of two hectares.

It is worth noting that the use of abandoned power plants for the production of cryptocurrency is widely practiced throughout the world. Earlier, similar initiatives appeared in the US and Canada but were not supported by the government.

The companies entered into a five-year agreement to buy electricity at a reduced cost.

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