The company’s IOT Group has signed an agreement with the Australian reseller of equipment for bitcoin mining Bitfury, which will enter into force, if it is possible to run a closed coal plant.
Earlier it was reported that IOT Group entered into an agreement with the power company Hunter Energy about the launch of blockchain-center in the closed in 2014 coal power station Redbank. At the same time from Sydney stated that it is looking for partners that would help to monetize this business project.
As written in the message of a disclosure to the Australian stock exchange (ASX) IOT Group, its subsidiary, IoT, Blockchain has signed a conditional binding agreement with the Group Royalti Blockchain — seller Bitfury equipment in the country.
The amount of the transaction according to local media will be more than 190 million AUD ($143 million). In accordance with the agreement Royalti install mining equipment at the facility provided by the IOT Group, which also undertakes to ensure the supply for 5 years 20 MW of electricity at a price of 11 cents per kWh.
The transaction is conducted, if they met stipulated in the agreement conditions, highlighted in the IoT Blockchain. The main of them is the acquisition of appropriate rights and run Hunter Energy coal-fired power plant. The conditions and the decision on the completion of the transaction will be made not earlier than 1 October 2018, the report said.
“If Hunter didn’t complete the purchase, or competition is not appropriate for the sheet conditions, the transaction will not proceed,” said Blockchain in IoT.