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Madison River Equity LLC, Bitcoin Mining Company, Requests Approval to Build a 6.5 Kilometer Solar Power Plant That Will Receive a US$ 4 Billion Investment in the United States
Madison River Equity LLC, an American Bitcoin mining company, has decided to invest in a new project and has applied for the construction of a solar power plant to enable its Bitcoin mining operations in the U.S. state of Montana. The mining company has faced criticism, primarily because it is a cryptocurrency mining operation.
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Renewable Energy Investment by Bitcoin Mining Company
The idea is that the solar power plant, to be named Basin Greek Solar Project, will be capable of producing around 300 megawatts per year through renewable energy, making it one of the largest solar power plants in the country.
Of this total, 75 MW would be allocated to Bitcoin operations, and the remaining energy will be distributed to other consumers in the region. The solar power plant is expected to occupy 6.5 square kilometers, nearly a thousand football fields. The total investment from the Bitcoin company will be US$ 800 million (4 billion reais in direct conversion).
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The Plans of the Bitcoin Mining Company
The Bitcoin mining company Madison is a subsidiary of FX Solutions, a company that also controls the mining company Atlas Power. Currently, Atlas is working to acquire GPU processors instead of its old ASIC machines to optimize its operations, which consume about 25 MW per year.
With the new investment, the plan is also to build eight buildings to house the new equipment and diversify operations – GPUs can also utilize artificial intelligence.
According to Matt Vincent, the project’s spokesperson, if the Bitcoin mining company succeeds and expansion licenses are issued, the goal is to acquire the solar plant and use all of its electricity production. He states that the demand for energy from renewable sources is growing, and the company promises to work with anyone interested in the surplus energy.
Investment by Bitcoin Mining Company for Construction of Solar Power Plant Has Caused Discomfort
Despite promoting sustainability and supporting the adaptation needs of companies mining Bitcoin to environmental issues, the investment is generating discomfort among residents of the Butte area, where the solar power plant will be built.
To give an idea, the city currently has about 14,000 homes, and the surplus energy, not counting the 75 MW used by the Bitcoin mining company, is sufficient to supply about 30,000 homes.
The couple Paula and Malcolm Gustafson, who live on a neighboring property where the plant will be constructed, claim that if the investment is approved, everything will be transformed into a huge black sea and property values will plummet.
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