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Canadian Firms to Develop Bitcoin Mining Facility Partly Powered by Wind, Solar
The 5-megawatt site will be solar-, wind- and natural gas-powered.
Blockchain company Neptune Digital Assets (TSX-V: NDA) and mining firm Link Global Technologies have signed a letter of intent to co-develop a bitcoin mining facility partly powered by green energy in Alberta, Canada.
STORY CONTINUES BELOW
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- In an announcement Friday, TSX Venture Exchange-listed Neptune Digital Assets and Link Global said they expect to sign a definitive agreement expected by April, with construction starting immediately thereafter.
- The joint venture will be 50-50 with both firms splitting costs and revenue.
- The new mining facility will be built in Alberta, where Link Global operates a majority of its bitcoin facilities. The 5-megawatt site will be solar-, wind- and natural gas-powered.
- The agreement comes amid rising criticism for the energy used by the crypto mining industry and its impact on climate change.
- "We expect there to be substantial global pressure to develop sustainable bitcoin mining operations around the world, said Cale Moodie, Neptune CEO. "We hope as a team to become a major powerhouse in low-cost, carbon-neutral mining and tapping available carbon credits for exchange in that burgeoning marketplace.”
- On March, 4 the two firms partnered for Link to procure and operate 1,500 ASIC mining machines on behalf of Neptune.
Read more:Can Bitcoin Survive the Climate Change Revolution?
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
