A blockchain based company, Soluna has commenced designing a wind farm that is expected to generate 900 megawatts. The project situated in the West of the Sahara Desert in Morocco intends to generate power for its blockchain facility located in the Dakhla region.
Construction of the facility is expected to take five years and is projected to start next year. CEO John Belizaire disclosed that the generated power will initially not be linked to the national grid. However, it is likely that the wind farm will connect to the Moroccan power grid afterward.
Development of the wind farm is projected to cost between $1.4 billion to $2.5 billion. Although, Soluna plans to initially spend $100 million to generate about 36 megawatts in the first phase of the project.
Since Morocco is home to large deserts, many international companies have trooped into the country to invest in the renewable energy. The North African Nation is planning on adding 1.4 gigawatts of renewable energy to its national grid per year. As a result, partnering with crypto firm Soluna fits well into the country?s strategy.
Soluna?s wind farm project which will be built on a block of 37,000 acres will be located among the windiest region of the desert. Since a blockchain facility demands huge volumes of power, the said area will be ideal for such a project.
Consequently, the initial power that will be generated by the establishment will be used by Soluna to mine Bitcoin (BTC). As a result of high electricity demands, Mining companies have been forced to relocate to areas with low energy prices. Since Morocco’s desert is resourcefully rich in wind, it joins Canada and Iceland, as the go-to location for mining operations.
A U.S private investment firm, Brookstone partners is said to be supporting Soluna in its project. Also, the latter has plans to partner with large investors in future days. This is according to its CEO.
Belizaire revealed to Reuters that his firm will not trade digital currency in the Moroccan nation. This is as a result of warnings by the local authorities against the use of virtual currency. Nevertheless, it will assist foreign blockchain companies by providing them with calculation capacities.