Author – Kate Yong, New Zealand
Announcements By Hunter Energy And IOT Group
Breaking news from down under comes through the announcement made by Hunter Energy and IOT Group. The former an energy supplier focused on energy transition in Australia and the latter a tech company that derived its company name from yes, you guessed it, the “Internet of things.” Both just signed an agreement to collaborate in building a first of its kind blockchain centre in New South Wales that is anticipated to be Australia’s version of Silicon Valley.
Blockchain Centre Just 2.5 Hours Away From Sydney
Reversing the fate of the coal-fired power station that became defunct in 2014, the 150-megawatt Redbank will be brought back to action by early next year. Located 2.5 hours north of Sydney, the upcoming blockchain centre will be able to channel cheap electricity for blockchain applications. Businesses at Hunter Valley will have direct access to wholesale electricity by removing the need for an electricity network infrastructure, which includes poles and wires, retailer, and transmission that all results in higher costs. Chief executive of Hunter Energy, Jim Myatt shared with Fairfax Media that a lot more baseload is required in NSW and the energy transition efforts will include solar and battery power as well. The blockchain centre that is intended to be a two-hectare development is expected to consume up to 10 – 20 megawatts of electricity.
The Redbank Power station is located near Singleton on the map.
Power For Companies Utilizing Blockchain Technology
One of the main requirements for blockchain technology is electricity as it uses a lot of energy for computing complex algorithm. Blockchain offers a transparent, immutable, and auditable sequential chain of records linked by hashes. Hashes are a form of cryptography that requires a lot of computing power. Companies in cryptocurrency such as bitcoin and altcoin mining and token trading generally utilize this technology. Oil and resources companies are jumping onboard blockchain technology to make their commodity trading processes more efficient. The Australian Securities Exchange (ASX) is also onboard to improve their operations and to reduce costs and they are one of the pioneers in blockchain technology for their industry.
Australia has always been on the shortlist for blockchain companies. Its safe and low risk investment environment, skilled and diverse work force, and cultural and economic ties with the fast-developing Asia-Pacific region makes it almost the perfect choice. The only obstacle was possibly the high electricity prices and with this initiative kicking in, prices are is expected to reduce by 20 cents per kilowatt-hour, from 28 cents to 8 cents and 5 cents at night. Silicon Valley in Australia? Bring it on Hunter Valley!