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IoT Group revives a power plant to fuel a blockchain applications complex

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According to the company, the average household pays around 28 cents per kilowatt-hour. Meanwhile, the Bitcoin network supposedly gulps the same amount of energy consumed by Demark, which is around 32 terawatt-hours each year. That equals to around 16 percent of what Australia consumed in 2017. Currently, Australia’s power is inefficient and expensive, discouraging services from using blockchains locally. 

But with the company’s “pre-grid” pricing, customers will pay eight cents during the day, and five cents at night. Given blockchains consume loads of processing power and the resulting high amounts of energy, the new facility should be an attractive alternative to blockchains accessing the typical power grid. 

IOT Group’s announcement defines wholesale cost as “no more than one-third of current business and consumer power costs.” What is interesting about the news is an emphasis on IoT rather than applications such as cryptocurrency. So far there is no indication that the company will strictly deal with IoT services, or if it will be open to all blockchain-related markets. 

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Article Credit: Digital Trends

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