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Australia buzzes again with 1st solar-powered bitcoin mining setup

The investment in the Australian FinTech sector has risen remarkably as the Australian FinTech ecosystem is becoming increasingly diverse.

We already stated in our recent post that Fred Schebesta, the co-founder of one of Australia’s largest tech stories (Finder) has publicized their upcoming “multibillion-dollar” project plans to establish the “first crypto bank of Australia”.

Now, the latest edition is that Australian Ben Tan, the co-founder of Hadouken Pty Ltd, intends to set up 1st20-Megawatt Solar Farm in Collie which is geographically located in Western Australia to power a Bitcoin mining operation. Reports indicated that the submission has been approved and granted states authorities.

The new facility is being developed by data centre operator DC Two and subsidiary D Coin, the venture would be powered by a solar farm built by a company called Hadouken. While DC Two has confirmed its project plan about its first grid data centre establishment in Australia powered predominantly from renewable energy sources.

The company said: The data centre likely to mine approximately 650 bitcoins per annum worth around $6 million as per the current mining and exchange rates within the complete crypto mining capacity, using the initial 4MW power availability,.

We all know that it needs abundant amount of electricity, convenient location, and a comprehensive cost/competitive advantage for the setting up bitcoin mining operation that takes the volatility of Bitcoin prices into consideration. 

Australian Government’s 2018-19 budgets has allocated $530,000 for blockchain research under the Digital transformation Agency (DTA) program, this development was exclusively prompted by a specific request from the country’s Prime Minister, Malcolm Turnbull.

Although this geographical region poses considerable obstacles and challenges inn managing the temperature levels of the mining rigs and the concerns over the batteries functionalities when the sun is down, the aspiring entrepreneurs bet on this province as Australia appears to be a promising country for venturing out the cryptocurrencies mining plans that needs on solar energy.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -163 levels (which is bearish), while hourly USD spot index was at 5 (absolutely neutral), while articulating (at 12:51 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex

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August 17 14:30 UTC Released

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