The spokesman for Solar Alliance, William Shatner, has announced the plans to build a solar-powered Bitcoin mining farm in an abandoned factory in southern Illinois.
Bitcoin mining works by processing incredible amounts of data that allow bitcoin transactions to be confirmed on the network. Those miners that spend time and energy generating this computational power, are paid in Bitcoin every time they find a block or when they take the fees from transactions.
Solar Alliance CEO, Jason Bak, saw an opportunity in Illinois because the state requires companies to buy renewable energy, making the project economically feasible. At the same time, the mayor of Murphysboro, Will Stephens, decided to offer the company a 165,000-square-foot former label-making factory. The building has not been used since 2004.
The project will create an big solar array that will be placed on the factory’s 14-acre parcel. The place will be leased to bitcoin mining companies and to give training about how to instal solar panels.
Mr. Stephens explained that the town of 8,000 inhabitants needs an economic boost, and this mining farm could perfectly work to achieve that. He mentioned that they have lost several jobs because of a change in the worldwide economy.
Even when the cryptocurrency community has been attacked by several figures like Warren Buffett or Bill Gates, Stephen is convinced that the venture, which is partially funded by a TIF district, is a positive thing for the town.
“From my perspective, we’re going to have someone who will occupy a previously derelict property, and whatever development comes out of it will just make it more marketable if the project is not successful,” he commented.
For more interesting reading on the crypto mining world, check out a few of these:
Groundbreaking CoinShares Report Disputes Bitcoin Mining Costs & Common Misconceptions
Bitcoin Mining Energy Comparison: Global Banking Industry Uses 500 Times More Energy than Bitcoin