Australia may get a huge Solar Farm able to mine over 650 Bitcoins
As per the current mining and exchange rates, the farm will be able to mine around 650 Bitcoins annually which is worth USD 6 million.
- Country:
- Australia
Australia's FinTech sector continues to attract investments as it becomes increasingly diverse. The latest addition to this is the announcement by the co-founder of Hadouken, Ben Tan, saying that he is planning to set up a 20-Megawatt Solar Farm especially to mine Bitcoin.
The farm will be located in Collie, Western Australia and as per Econotimes, it has been approved by the authorities.
As per the current mining and exchange rates, the farm will be able to mine around 650 Bitcoins annually which is worth USD 6 million.
Notably, a study published in the journal Energy Research & Social Science has warned that Bitcoin and similar blockchain technologies may prevent the world from the climate change mitigation targets under the Paris Agreement because of the amount of power it requires.
The study states that these technologies consume more electricity than entire nations.
Co-founder of Finder, Fred Schebesta, has also talked about the plans to establish Australia's first crypto bank following the increasing demand in the country.
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