IOT Group scores first clients for Blockchain Applications Complex | Finfeed.com
ASX tech small cap, IOT Group (ASX:IOT) has today revealed that its subsidiary, IOT Blockchain, has inked binding term sheets with two initial blockchain clients to operate within the proposed IOT Blockchain Applications Complex (BAC) behind the grid at the Hunter Energy Power Station in NSW.
These newly signed clients are Abacus Mercantile and Crypto Mining Australia. IOT has signed terms sheets with each for an initial three years with an option for a further 3 + 3 years, offering them long-term security for their investment. The agreements are for supply of approximately 2.5 megawatt load for more than 1000 machines.
IOT will locate its blockchain clients at the proposed BAC, which will be established behind the grid at the Redbank Power Station in NSW’s Hunter Valley for a monthly fee per machine and under a long-term Power Purchase Agreement (PPA).
IOT noted that demand to secure space and contract power within the BAC has been very high.