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Gigatons + Hearst to develop cryptocurrency mining farm: Climate technology platform Gigatons and Dubai-based blockchain firm Hearst partnered to build the UAE’s largest solar-powered cryptocurrency mining farm in Abu Dhabi, Hearst COO Loic Ricci told The National. The first phase of the mining farm is expected to have a capacity of 50-100 MW, with the upper end potentially driving USD 1 bn in investments.
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The investment breakdown: The companies will kick things off with USD 10 mn proof of concept, with each MW valued at “tens of mns of USD,” Ricci said. The incremental investment strategy will expand from USD 10 mn to USD 100 mn, and then potentially reaching USD 1 bn.
The timeline: The JV is expected to be finalized along with regulatory approvals by the end of 2024, with construction beginning in 1Q 2025.
SOUND SMART- Cryptocurrency mining requires substantial energy, with a single Bitcoin transaction consuming approximately 851.8 kWh of electricity and dedicated set-ups requiring about 155 mn Wh per bitcoin.
ICYMI- The founders of the UK’s EV charging company Gridserve launched Gigatons on Monday, a UAE-based global platform dedicated to accelerating the transition to net zero, with headquarters in ADGM.
