The new York-based private equity company with assets of $150 million plans to build a wind power plant of 900 megawatts near Dakhla, Morocco. Energy power plant is planned to be used for cryptocurrency mining.
Remote location – between the Sahara desert and the Atlantic ocean – perfect for cryptocurrency mining using renewable energy.
«We have the exclusive rights for the construction of wind power, but the problem was the lack of a suitable place. In our time the source of cheap energy is beneficial for the construction of the data center,» – said the managing partner of Brookstone Michael Toporek (Michael Toporek).
Now the company is raising money to develop the first phase of construction.
Renewable energy sources have become the preferred tool for the production of digital currencies, particularly bitcoin, after last year, electricity rates have increased.
This forced the industry to spend more money on computing power, accordingly, major players have begun to consider renewable energy for their activities.
According to New Energy Finance, electricity consumption in the industry over the last year has increased exponentially and can reach 60% of revenue from mining.
«All these miners consume very much,» said consultant PwC Alex de Vries (Alex de Vries), the founder Digiconomist website, which calculates the energy consumed by bitcoin. «From the point of view of energy consumption it could be a Austria».
In the beginning of the year, Brookstone founded Soluna, which plans to raise over $100 million during the ICO, while the construction of wind power plant in Morocco will cost the company $3 billion.
This caused criticism from analyst New Energy Finance Itamar Orlandi (Itamar Orlandi).
«Their income from mining will be unpredictable and possibly volatile. I do not quite understand the meaning of the investment that will pay off only in 20 to 30 years,» he said about the intention to manage the power plants exclusively using renewable energy sources.