NEW YORK--(BUSINESS WIRE)--Soluna Technologies, Ltd. (https://soluna.io/), the company powering the blockchain-economy with low-cost renewable energy, is launching its utility-scale blockchain computing facility integrated with its own renewable energy resources. Soluna plans to develop its own 900MW wind farm power plant in Morocco in one of the world’s windiest regions and combine it with the company’s private computing facilities to help power the blockchain in a more eco-friendly and sustainable way.
The potential of blockchain technology has extended far beyond crypto-currencies and financial transactions. The technology will fundamentally alter the way we exchange practically anything, offering unparalleled security and speed, whether it be social networking, file storage, advertising, marketing, supply chain, or national property records. A host of industries stand to be radically transformed using blockchain technology.
The increase in popularity and widespread usage has come at a cost: according to Digiconomist (https://digiconomist.net/bitcoin-energy-consumption), as of June 2018, Bitcoin mining used approximately 71 terawatt hours (TWh) per year, equivalent to almost 10% of China’s annual energy usage, representing an unsustainable growth in demand on the world’s energy resources. This has led cryptocurrency miners to turn to inexpensive and environmentally damaging fossil fuels. In response to this ever-growing problem, Soluna has set out to be the world’s first utility-scale blockchain infrastructure company powered by its own private renewable energy sources.
Soluna’s technology focuses on:
- Vertical integration: By developing renewable energy power plants dedicated to on-site, high-density computing, Soluna’s ground breaking approach is designed to bring vertical integration to the blockchain ecosystem. Its energy systems and computing facilities will be self-contained, distributed, scalable, and flexible.
- Wind-powered renewable energy: Soluna’s flagship site covers 37,000-acres in southern Morocco with over 900 Megawatts of wind power potential. It is a Class I wind site, where wind speeds reach over 22 miles per hour, making it one of the highest quality wind sites in the world. In November 2016, the King of Morocco announced the kingdom’s mission to produce over 52% of its electricity through green power by 2030 and create over 6,000 Megawatts of renewable projects by 2020. By design, Soluna’s wind farm will be an off-grid operation, with the plan to integrate it with the grid. Soluna expects the high-voltage transmission lines to reach the site by mid-2019. If it is not connected to the grid, Soluna’s site will be one of the largest off-grid mining operations.
- Utility-scale computing operations: As more applications and services begin to move onto the blockchain, Soluna’s agile, flexible computing facilities will power the coming wave of blockchain technologies, networks, and distributed applications. Soluna will provide green, renewable, low-cost computing power for the evolving demands of the blockchain ecosystem and compliant with the local regulations, whether that be cryptocurrency mining, distributed graphics rendering, file storage, machine learning, AI-related computations or other services.
“Our vision is to power the blockchain with clean, renewable energy that we own and control,” says John Belizaire, CEO of Soluna. “Soluna will address the growing demand for energy to power today’s growing blockchain networks, and will create the world’s first “service node,” providing high-density computing for future blockchain networks.”
Forward-Looking Statements
This press release and other statements that we may make contain “forward-looking information” or be, for purposes of applicable securities laws, “forward-looking statements.” Forward-looking statements are statements that are not historical facts and include statements about our future financial condition and future business plans and expectations. Such forward-looking statements are based upon the current beliefs and expectations of our management, but are subject to risks and uncertainties, which could cause actual results and/or the timing of events to differ materially from those set forth in the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. The forward-looking statements speak only as of the date on which they are made and Soluna undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
About Soluna
Soluna was founded in 2018 with the mission to power the blockchain-economy with clean, low-cost renewable energy via the world’s first vertically-integrated blockchain computing company that owns and controls dedicated renewable energy resources. Soluna’s approach is to combine a utility-scale, renewable power plant operating on a wind farm in Morocco, with high capacity computing facilities to support and foster next-generation breakthroughs in the Blockchain. The company is backed by private equity firm Brookstone Partners. For more information on Soluna, visit: https://soluna.io/ or join our telegram group: t.me/solunablockchain.
