Chinese energy company Risen Energy has collaborated with a Spanish cryptocurrency mining farm that will develop capacity of up to 300 megawatts (MW) of photovoltaic power.
This is according to Chinese media outlet PV Tech.
Several months after CryptoSolarTech confirmed it was establishing two farms near the city of Malaga with the use of energy-efficient technology, Risen “will develop and take on engineering, procurement and construction (EPC) responsibilities for the projects,” according to the latest report.
For comparison, Bitcoin network uses an average of about 200 MW of energy for mining each day, according to the Bitcoin Energy Consumption Index.
A few months ago, CryptoSolarTech released its own token through an ICO to aid in financing its operations, the token raising a reported $68.2 million.
“Funding for the project is secured against the launch and sale of the cryptocurrency tokens from the farms and based on a 15-year power purchase agreement (PPA),” the report said.
Earlier in the year, CryptoSolarTech reported it had raised 60 million euros ($69 million) from its first two months, along with settling a power supply contract with Barcelona-based Respira Energia.
Since the conclusion of the ICO, the company’s token has lost most of its value, making it into the infamous top ten ICO “losers” list.
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