Morocco is known for having a lot of wind farming real estate along its southern coast, yet due to its location and the infrastructure that would be needed to move the electricity to more populated areas, it could be literally years before the wind farm companies would start to make any money at all.
One company has other ideas for this space. Instead of harvesting electricity, the company of Soluna, know for bitcoin mining, is going to construct a 36 megawatt windfarm in Dakhla, which is near Morocco. The building work is set to begin in January of next year, and cover an area of 37,000 acres of land. In addition to the wind farm, the land will also hold an energy storage system to use when the wind is not strong enough.
The company is hoping to raise 100 million to help fund such a huge project. Bitcoin mining is know for just how much power it eats up when it is being mined, so it shows initiative that Soluna has a plan in action to create electricity for themselves.
After the necessary equipment is purchased, electricity is the number one cost driver for Bitcoin miners, as a huge amount of power is needed to solve the complex problems that it does. Last year, when Bitcoin was valued at its highest, experts predicted that the price of energy consumption would only rise alongside Bitcoin, which is why Bitcoin miners would rush to the parts of the world that have cheap electricity.
Now Bitcoin, along with many other crytocurrencies have dropped in value, and the hype around the industry as a whole has dropped dramatically yet, Soluna still planned to carry on with their plan to mine, commenting only that even if their computing power isn’t used for mining in the near future, it could be used to provide computing to broader Blockchain applications instead.