A bitcoin mining company is planning on building a new bitcoin mining farm in Morocco. The farm will be 900 megawatts in size, thus making it one of the largest such mining farms in the world. This comes in spite of Morocco not having much faith in cryptocurrency transactions to the point where the country has outlawed some actions relating to these currencies.
The new mining farm will be produced and handled by Soluna, a group operated by the New York-based group Brookstone Partners. The equity firm is producing the farm to help take advantage of favorable financial terms organized by the Moroccan government. In return, about 20 percent of the energy output produced by the farm will be sold back to the Moroccan government.
The deal is among the top offers for bitcoin mining in the world. This provides Soluna with the ability to get enough energy produced for generating new tokens while potentially earning money from the government. This would come as the group is producing enough energy to support many technical functions and actions that are vital for allowing the currency to be produced accordingly.
The 900-megawatt mining field would be among the largest in the industry. The field would be capable of producing various tokens throughout the day and with producing enough income for Soluna based on the tokens it takes in versus the value of the currency. The move comes as the bitcoin is becoming increasingly complicated to mine, with fewer tokens being available for mining purposes.
The agreement from Soluna with the Moroccan government is a power purchasing agreement. Under the deal, the company will allow for energy being produced to go to Morocco’s government, thus allowing added sales for energy use. The goal is to produce expanded energy sales over time as the mining functions within the area become more prominent and active.
Another goal is to potentially take advantage of any changes that may come about in how bitcoin mining processes may work in Morocco. This includes working with more than the 20 percent limit for what can be sold back to the government. By adding more, there is a potential for the mining company to make more money and to get cheaper services.
But while the efforts used in for bitcoin mining are expected to be appealing, there are concerns about how such currencies may not be used all that much in Morocco.
Cryptocurrency payments have been outlawed in Morocco, thus making it one of the few countries in the world where such currencies cannot be used.
Much of Morocco’s attitude towards the bitcoin and other currencies comes from concerns about how people may use these currencies for illegal purposes and also for money laundering. People can still use the country’s electrical grid to work on currency mining functions.
The decision from Morocco to stop cryptocurrency payments took place this past November. The move is similar to what India and Iran have done over attempting to control how payments are to be utilized within the country.
