Australia is the new home to a 44.5 acre solar-powered Bitcoin mining farm. The 20MW solar farm mines Bitcoin and other cryptocurrencies in the town of Collie in Western Australia’s Southwest area. The farm is scheduled to be operational within 6 months of today. It features a whopping 69,000 parts and 5 inverters to power a fully-functional crypto farm and also power a data center on top of that.
It’s being planned by Hadouken Pty Ltd. Ben Tan, local energy entrepreneur, will lead the installation following approval from the authorities. The current cost of mining crypto is expensive. This will offset some of the cost and could lead to a lower barrier to entry.
There has also been news that a blockchain center will be housed in an abandoned coal plant near Singleton. It’ll give miners cheaper power and according to Jim Myatt, CEO, it’ll consume less than 20MW of power, which is the same as the 100% solar farm. It’s a direct competition headed by Australia’s Hunter Energy company.
Mining Bitcoin right now tasks enough electricity to power all of Denmark. It’s very expensive in energy. A single transaction costs enough energy to power about 29 US households for a whole day. That means the entire network of Bitcoin can power about 5.7 million houses in the US, which is also enough power to run the entire country of Ireland.
It’s because of this energy expenditure that makes it such an intangible and nonrealistic thing to mine on a full scale. A spokesman for HS Orka, an energy firm, fears that Bitcoin could drain the country’s energy supply by 2020 and be the end of US power. Or at least that’s what a Bitcoin apocalypse would look like.
Currently, coal-powered plants only make it worse because they emit carbon footprints per transaction.
Analytical. Paranoid. OCD. Interested in the world of crypto and how it affects our current world and future. New to investing, not so new to know how crypto works and influence the world of fiat currency. Blockchain is my second wife.
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