Blockchain company Neptune Digital Assets (TSX-V: NDA) and mining firm Link Global Technologies have signed a letter of intent to co-develop a bitcoin mining facility partly powered by green energy in Alberta, Canada.
- In an announcement Friday, TSX Venture Exchange-listed Neptune Digital Assets and Link Global said they expect to sign a definitive agreement expected by April, with construction starting immediately thereafter.
- The joint venture will be 50-50 with both firms splitting costs and revenue.
- The new mining facility will be built in Alberta, where Link Global operates a majority of its bitcoin facilities. The 5-megawatt site will be solar-, wind- and natural gas-powered.
- The agreement comes amid rising criticism for the energy used by the crypto mining industry and its impact on climate change.
- "We expect there to be substantial global pressure to develop sustainable bitcoin mining operations around the world, said Cale Moodie, Neptune CEO. "We hope as a team to become a major powerhouse in low-cost, carbon-neutral mining and tapping available carbon credits for exchange in that burgeoning marketplace.”
- On March, 4 the two firms partnered for Link to procure and operate 1,500 ASIC mining machines on behalf of Neptune.