New York-based blockchain company Soluna has announced that it will build a 900-MW windfarm in Western Sahara, a territory administrated by Morocco.
The company said it would develop the windfarm and combine it with the company’s private computing facilities to help power the blockchain in a more eco-friendly and sustainable way.
Work on the first phase of the project will require a US$100 million investment and generate 36 megawatts. The windfarm is expected to be completed over five years and require an investment of US$1.4-2.5 billion.
Soluna Chief Executive John Belizaire tol d Reuters that the company was backed by private equity group Brookstone and would seek financing for the project from private equity and institutional investors.
He said the computer centre that Soluna would build at Dakhla in the Western Sahara would provide computing to blockchain networks offering calculation capacities to foreign entities in exchange for foreign currency.
Soluna said blockchain technology would “fundamentally alter the way we exchange practically anything,” offering unparalleled security and speed.
“By developing renewable energy power plants dedicated to on-site, high-density computing, Soluna’s ground breaking approach is designed to bring vertical integration to the blockchain ecosystem,” the company said in a statement.
“Its energy systems and computing facilities will be self-contained, distributed, scalable and flexible.”
The company said the wind farm would be an off-grid operation that could eventually be integrated with Morocco’s power network.
“If it is not connected to the grid, Soluna’s site will be one of the largest off-grid mining operations,” the company said.
“Our vision is to power blockchain with clean, renewable energy that we can own and control,” Belizaire said in the statement.