Solar Alliance to Develop Solar-Powered Cryptocurrency Mining Facilities

Solar Alliance Energy ( TSXV:SOLR) has announced it will be developing a solar-powered cryptocurrency mining facility.

As quoted in the press release:

The Company is also pleased to announce it has signed a Memorandum of Understanding (“MOU”) with a top tier solar panel manufacturer for the development of multiple solar powered facilities designed to host cryptocurrency mining operations, including the Murphysboro project. Solar Alliance’s Murphysboro mining facility has access to low cost grid supplied power that will be complemented with a behind the meter 3 megawatt (“MW”) solar array. Once the facility is operational, the Company expects to benefit from a recurring revenue stream from cryptocurrency mining tenants.

Solar Alliance Spokesperson and renewable energy advocate William Shatner is excited about the potential for solar energy to support the growing cryptocurrency industry.

“I am proud to be a part of the group that is powering the digital currency revolution,” said Mr. Shatner. “Blockchain technologies, and cryptocurrencies specifically, are at the cutting edge of a new distributed technology infrastructure. As an advocate for solar energy I was intrigued by the potential for it to power cryptocurrency mining operations. They are energy intensive and utilizing solar arrays to power them makes social and economic sense. Cryptocurrencies can help prevent fraud, speed payment settlement, reduce identity theft and provide global access to capital. The combination of solar and cryptocurrency mining facilities represents meaningful change,” said Mr. Shatner.

The MOU with the major panel manufacturer outlines the steps the two companies will take to execute a final Joint Development Agreement (“JDA”). The JDA may include provisions for preferred panel pricing, sponsor equity provision and a credit facility for development funding for cryptocurrency mining projects. As a global leader in solar panel production and project development, the top tier manufacturer is an ideal partner to help accelerate the adoption and expansion of solar power cryptocurrency mining facilities. The partner will be identified once the JDA has been executed.

Click here to read the full press release.