Australian technology firm IOT Group plans to re-open coal plant solely to serve the blockchain.
On Tuesday local media reported that in order to reduce energy costs IOT Group in partnership with Hunter Energy resumed operation of Redbank power station, which was closed in 2014.
The company expects that the use of this facility will help the IOT to reduce the amount of energy bills by 20 percent compared to current costs.
In addition in recent months to the Advisory Council Iot Blockchain was joined by two experienced cryptocurrency miner.
As you know, blackany working on the algorithm Proof-of-work (like bitcoin and Ethereum), demand for mining a huge amount of energy due to the mathematical problems to be solved by the network. So estimated Digiconomist, the network of bitcoin consumes about as much energy as Colombia.
In order to increase their profits, the miners are looking for the most inexpensive sources of energy. Therefore, many miners of the cryptocurrency from all over the world place their farm in Washington state and the canadian province of Quebec, because of the cheap hydroelectric power and the cold climate of these regions.