Canadians Harness Wind to Mine Bitcoin – in Romania

Canadian investors have decided to put money and effort into a wind-powered crypto mining undertaking in Romania. To make it happen, they have finalized a deal to acquire a wind farm capable of producing enough energy to light the bulbs in over 30,000 homes. Driven by enthusiasm about the project, they have even added “Blockchain Power” to their company’s name.

Also read: Despite Regulation, Russians Plan to Build Europe’s Largest Mining Farms

Who Told Them About China?

It is unclear if the Canadians knew in advance about the closed-door meeting in Beijing on the use of electricity by bitcoin miners. Regardless, they have obviously made a strategic decision to spend their money several time zones to the west of the People’s Republic – in Dobrogea. The region is shared by the poorest EU member states – Romania and Bulgaria. It is a flat, wheat growing land, with no hills or mountains to stop the constant air currents from all cardinal directions. Wind farms are a common sight there.

The Ontario-based Transeastern Power Trust has just finalized a deal to acquire the Dorobantu wind park that had been developed there by OMV Petrom with a €90 million investment. The company intends to use the farm to power the mining facilities it is planning to set up in its vicinity. Cryptocurrencies, including bitcoin, will be mined there, according to Romanian media reports.

Transeastern completed the acquisition of the 45MW wind park using $23 million of short-term bridge financing and €2.8 million vendor financing from OMV Petrom. The debt will be repaid from the proceeds of the previously announced $40 million private placement scheduled to close in the first week of January. The utility company has already announced a decision to change its name to Blockchain Power Trust, in Read More Here