A Bitcoin mining company formed from an American private equity firm is planning to build 36 MW farm in Morocco plans to begin building a 36 megawatt farm in Morocco from January next year, Ars Technica reported Tuesday, September 18.
Soluna, the product of New York-based Brookstone Partners, ultimately intends to take advantage of local laws by selling the Moroccan government to at least 20 percent of its electricity production.
CEO John Beliegzar explained that this scheme is known as Power Purchase Agreement (PPA), which will enable the company to establish a base in the field with the possibility of increasing sales beyond the limits in the future years.
They said, “Morocco has a law that effectively guarantees PPA for energy providers.”
Between an enthusiastic influx across the world to use cheap electricity production methods for the Bitcoin mining game corner, Soluna hopes that local laws will be changed to allow existing 20 percent of the power to be sold.
Belizeir further said, “Based on our future potential, we can engage in large commercial offtaker and beyond to purchase our power in the country.”
Morocco has ranked itself as one of the few jurisdictions around the world to formally withdraw cryptocurrency payments.
This move came in November last year, and since then has seen similar steps to India, Iran and others, although after this indication, its decision can be reversed this month.