BitCity and TransAlta Renewables Enter into Partnership

BitCity and TransAlta Renewables (TSX:RNW) have entered into a partnership to develop an industrial scale crypto-mining and hosting facility at TransAlta’s Bluewater Energy Park in Ontario.

As quoted in the press release:

“One of the new economy’s most interesting and rapidly-growing sectors has found a home at TransAlta’s Bluewater Energy Park,” said TransAlta Renewables President and CEO John Kousinioris. “We are pleased to welcome BitCity, a leader in the blockchain data processing and cryptocurrency mining environment, to our Sarnia, Ontario cogeneration location. Building on our expertise in cogeneration and the scale of our operations in Sarnia, this agreement represents a new opportunity for TransAlta Renewables in the financial technology space.”

BitCity and TransAlta Renewables have agreed upon a five-year PPA that includes a further five-year extension with an industry-competitive behind-the-fence fixed power rate. The power purchase agreement immediately provides BitCity with up to 22 MW of power, scaling to 35 MW in Phase Two, with potential for additional power in the future.  Lease agreements for existing building space and land for mobile mining are being finalized between the two parties.

Click here to read the full press release.