Subscribe
May 7, 2026
Sign In

Capitalizations Index – B ∞/21M

Menu
Breaking
Satoshi: Bitcoin’s Smallest Unit Honors Its Creator’s Name Bitcoin’s Mempool: Temporary Holding for Unconfirmed Transactions Is Bitcoin Taxable? Understanding Global Tax Obligations Understanding Bitcoin Nodes: Validators and Network Relayers How Bitcoin Transactions Utilize the Decentralized Blockchain

Australian Blockchain Firm Strikes $190 Million Crypto Mining Deal

Australian blockchain firm strikes $190 million crypto mining deal

Australian Blockchain Firm Strikes $190 Million Crypto Mining Deal

Australian blockchain firm strikes $190 million crypto mining deal
Advertisement

Join our community of 10 000 traders on Hacked.com for just $39 per month.

Sydney-based IoT Group, an ASX-listed firm, has inked a deal with the Australian reseller of Bitfury’s bitcoin mining hardware to kickstart a mining operation if it can get a decommissioned coal plant up and running again.

In an announcement and disclosure on the Australian Securities Exchange (ASX) on Monday, the IoT Group revealed its subsidiary IoT blockchain had signed a ‘conditional binding terms sheet’ with Royalti Blockchain Group, the Australian reseller of bitcoin mining hardware giant Bitfury.

The proposed deal sees the IoT Group envisioning the development of a ‘Blockchain Applications Complex’ (BAC) in Hunter Valley, powered by the Redbank power station – a decommissioned coal plant. As reported previously, the IoT group partnered Hunter Energy in the endeavor with the latter working to acquire the power station to build the proposed mining center across two hectares. If successful, the IoT Group claims it will be able to draw energy at wholesale prices from the power station.

The deal is said to be over AUD$190 million according to a media release by the IoT Group, although disclosure compliance rules see no details of the figure present in the official ASX announcement.

According to the terms of the agreement, Royalti would install its Bitfury mining hardware at the facility provided by the IoT Group, alongside 20 megawatts of power for at least five years at 11 cents per KWh. Retail rates, in comparison, cost anywhere between 30c to 45c/KWh.

Australian blockchain firm strikes $190 million crypto mining deal
Cheap coal power could soon power cryptocurrency mining in hunter valley, australia.

However, it is imperative that Hunter Energy acquires and recommissions the now-defunct Redbank Power Station to power its cryptocurrency mining operation. The coal plant was shut down in 2014.

In its ASX announcement, IoT Blockchain said:

Investors should note that the Terms sheet is subject to and conditional upon the satisfaction or waiver of certain conditions precedent, including the completion by Hunter Energy of its proposed acquisition of all right, title and interest in the Redbank Power Station to the absolute satisfaction of IoT…If Hunter does not complete its acquisition…or if competition does not occur under the terms sheet…the transaction…will not proceed.

The terms for a legally binding Power Purchase Agreement will occur no later than October 1, 2018, the announcement added.

Featured image from Shutterstock.

Follow us on Telegram.
Advertisement

Published at Mon, 07 May 2018 10:17:44 +0000

Companies

Previous Article

Large-Scale VC Investor Schools Warren Buffet on the Value of Bitcoin

 Next Article

New King in Town, bit-coin gift,bit-coin t shirt,bit-coin trend,bit-coin logo,bit-coin miner,bit-coin baby,Bit-coin gag gift

You might be interested in …

FLUX: Restructure the Gaming Ecosystem with Blockchain Technology

Much has been said about ICOs during the course of 2017. Are ICOs key to a successful startup journey? Yes, ICOs are now a huge part of the fundraising landscape, with a similar impact as Venture capital funding. While some beg to differ about the future of the crowdfunding phenomena, one can’t deny the impact it has had on many startups this year.

A successful ICO can say much about the innovative nature of a startup. For instance, a majority of presale participants are industry professionals and seasoned industry investors. This means the product is valuable at face value and can find mainstream applications. That’s seriously easy math.

Case in point is blockchain based FLUX, which announced its token sale on December 10, 2017, and set to end on December 31, 2017.  Earlier, the gaming ecosystem successfully closed its presale with over $2 million worth of investment in BTC, ETH, USD, and EUR to successfully gaining recognition as one of the most promising blockchain projects in the gaming industry. The success can be attributed to the implementation of a unique investment system called SICS (Special Investment Control System), which is a personal escrow plan for every person who invests $500 thousand. The plan is a key stepping stone to ensure that all funds collected during the ICO round are correctly applied in accordance with the initial agreement.

FLUX’ concept revolves around creating a unique global gaming ecosystem where players, developers, traders, and the gaming community can convert time spent into gaming token FLUX COIN. The platform also creates a competitive gaming atmosphere that offers a marketplace for games, online streaming, and trading in-game items. Using blockchain technology, gamers, developers and investors will get rewards for matchmaking competitions, trading items on the marketplace and even crowdfunding their own ideas within the platform, in a transparent and automated way. This makes FLUX a good extension to the over $105 billion annual revenue – gaming industry.

The foundation of the FLUX ecosystem is based on introducing support platform which will allow players to compete in games from a list of available games, and earn opponent’s money after a successful win. With the use of smart contracts, the system will be capable of supporting a secure and transparent matchmaking process. Players can use BTC, ETH, LTC, EUR, or Visa/MasterCard payments etc to finance their gaming endeavors online. This will in turn guarantee the player descent earnings, given his/her gaming skills on a safe platform backed by a decentralized system. The platform will be available for Windows, MacOS, Linux, Windows Phone, iOS, and Android.

The 1st stage of the token sale is currently underway, while the 2nd stage will take place during the 1st quarter of 2018. The 1st stage started with a 25% bonus during the first hour, followed by 20% for the remaining part of the day. The bonus gradually reduced to 15% on the first week, 10% during the second week and 5% in the final week. The tokens will be available for purchase against payments in ETH (Ethereum), BTC (bitcoin), USDT, DASH, ETC, LTC, ZEC, VISA, MasterCard, USD, EUR, and SHAPESHIFT. Of the total amount raised, the FLUX team will control only 15% of the amount to give room for SICS plan holders.

More information about the platform and ongoing token sale is available at – http://flux.fund/

The post FLUX: Restructure the Gaming Ecosystem with Blockchain Technology appeared first on NewsBTC.

Close Menu