Australia will have its own Silicon valley

The hunter valley in the Australian state of New South Wales can become a hub for cryptocurrency mining. The Australian company Hunter Energy and IOT Group signed
the agreement on the establishment of the centre of the blockchain in a dormant unit Redbank that Hunter wants to be put back into operation.

The IOT Group has received permission to build Blockchain Applications Complex (BAC) on 2 acres, located in power grid complex, with the possibility of direct connection of the centre to the plant. So Resellers are completely excluded from the system, resulting in a BAC tenants will pay for electricity much less than in other regions of the country.

«The average consumer is paying about 28 cents per kilowatt-hour, and the preliminary price for tenants BAC is 8 cents a day and 5 cents at night,» — noted in the IOT.

Hunter Energy wants to convert the idle is now a power plant from coal to solar energy. It is expected that BAC will consume from 10 to 20 MW. If the company will be able to realize his plan, the hunter Valley can turn into a «new Silicon valley of Australia», which, according to Sean Nylon (Sean Neylon) of IOT Group, because of the favorable conditions, will endeavor to get the blockchain.

Given the closeness of the BAC to the grid, the blockchain startups will be able to purchase energy at wholesale rates, which today is a rarity, as some regions on the contrary tend
to raise tariffs for companies associated with mining cryptocurrency or bloccano.

Under the agreement, the companies, 10% of the profits from the operation of the center of the BAC will be transferred to Hunter Energy and electricity for BAC «will be supplied at the wholesale price, which may not exceed one third of the total cost of current electricity prices for business enterprises».

Hunter Energy is currently working to re-Commission the plant and hopes to begin production of electricity in the first quarter of next year. The company noted that many more questions need to be addressed to ensure that the project was a success, and that «investors should be aware of these risks».

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