IOT Group signs major deal with bitcoin miner, BitFury | Finfeed.com
IOT signed a conditional binding Terms Sheet with Royalti Blockchain, BitFury’s Authorised Australian Integrator and approved partner, for the supply 20 megawatts of power over a ten year term at an estimated cost of 11 cents per kwh.
The agreement will see Royalti Blockchain Group install BitFury’s Blockchain hardware solutions at IOT’s proposed Blockchain Applications Complex (BAC) at the Hunter Energy Power Station in the Hunter Valley, NSW.
IOT will locate BitFury’s hardware at the BAC which will be established behind the Grid at the Redbank Power Station under a long-term Power Purchase Agreement (PPA). Royalti Blockchain Group will build and supply the infrastructure and servers, with IOT to provide the land and power.
The proposed Power Purchase Agreement will be for an initial five years with an option for another five years and is expected to generate almost $20,000,000 per year. In addition, IOT reports there has been substantial interest from other Crypto Groups which will be signed up over the coming weeks which IOT expects to deliver substantial revenues and profits to the IOT Group.