Future Global Showcase for Cryptocurrency Mining
BitCity secures 35 megawatts (MW) of power: Phase 1 of 22 MW available immediately, with Phase 2 option of 13MW
SARNIA, ON, June 19, 2018 /CNW/ - BitCity Inc. is pleased to announce that it has entered into a transformational Power Purchase Agreement (PPA) with TransAlta Renewables to develop an industrial scale crypto-mining and hosting facility at TransAlta's Bluewater Energy Park (BEP) located on the shore of the St. Clair River in Sarnia, Ontario.
"One of the new economy's most interesting and rapidly-growing sectors has found a home at TransAlta's Bluewater Energy Park," said TransAlta Renewables President and CEO John Kousinioris. "We are pleased to welcome BitCity, a leader in the blockchain data processing and cryptocurrency mining environment, to our Sarnia, Ontario cogeneration location. Building on our expertise in cogeneration and the scale of our operations in Sarnia, this agreement represents a new opportunity for TransAlta Renewables in the financial technology space."
BitCity and TransAlta Renewables have agreed upon a five-year PPA that includes a further five-year extension with an industry-competitive behind-the-fence fixed power rate. The power purchase agreement immediately provides BitCity with up to 22 MW of power, scaling to 35 MW in Phase Two, with potential for additional power in the future. Lease agreements for existing building space and land for mobile mining are being finalized between the two parties.
"This site is perfectly suited to our future crypto-mining and hosting facility, and with all the available and serviced land, makes the ideal location to deploy mobile mining units," explains BitCity CEO Brandon Keks. "We are thrilled with the partnership we have created with TransAlta and we believe this site has the potential to be a global showcase for cryptocurrency mining."
BitCity is a Toronto based blockchain technology service company with a focus on the future of cryptocurrency mining and hosting solutions.
About TransAlta Renewables
The Bluewater Energy Park is owned by TransAlta and is powered by the Sarnia cogeneration plant, which is owned by TransAlta Renewables. The park is able to provide steam and electrical power from the 506 MW plant. The BEP's western boundary is the St. Clair River, with a deep-water dock facility that provides access, through the St. Lawrence Seaway, to ships on the Great Lakes system and international oceanic cargo. The site is also serviced with rail service from both CN and CSX rail which connect to markets in Canada and the U.S. via the St. Clair Rail Tunnel.
TransAlta Renewables is among the largest of any publicly traded renewable independent power producers ("IPP") in Canada. Our asset platform and economic interests are diversified in terms of geography, generation and counterparties and consist of interests in 20 wind facilities, 13 hydroelectric facilities, seven natural gas generation facilities, one solar facility and one natural gas pipeline, representing an ownership interest of 2,407 MW of net generating capacity, located in the provinces of British Columbia, Alberta, Ontario, Québec, New Brunswick, the State of Wyoming, the State of Massachusetts, the State of Minnesota and the State of Western Australia. Our objectives are to (i) provide stable, consistent returns for investors through the ownership of, and investment in, highly contracted renewable and natural gas power generation and other infrastructure assets that provide stable cash flow primarily through long-term contracts with strong counterparties; (ii) pursue and capitalize on strategic growth opportunities in the renewable and natural gas power generation and other infrastructure sectors; (iii) maintain diversity in terms of geography, generation and counterparties; and (iv) pay out 80 to 85 per cent of cash available for distribution to the shareholders of the Company on an annual basis. For more information about TransAlta Renewables, visit our web site at www.transaltarenewables.com.
SOURCE BitCity Inc.
For further information: BitCity Group, Brandon Keks, CEO, firstname.lastname@example.org; TransAlta Renewables, Stacey Hatcher, Manager, Communications, Toll-free media number: 1-855-255-9184, Email: email@example.com