Tuesday, 08 May 2018 02:39

IOT Group, Royalti seal $190 million deal

IOT Group, Royalti seal $190 million deal Image courtesy of adamr at FreeDigitalPhotos.net

ASX-listed IOT Group has signed a contract valued at $190 million with Royalti Blockchain Group to install global cryptocurrency miner BitFury’s Blockchain Hardware Solutions in the IOT Blockchain Applications Centre.

Royalti Blockchain Group is BitFury’s authorised Australian integrator and approved partner and will house the BitFury Containers “off the grid” at the IOT Blockchain Application Centre based at Hunter Energy’s power station in the Hunter Valley.

“The 10-year contract is to supply 20 megawatts of power to Royalti Blockchain Group to install Bitfury’s Blockchain Hardware Solutions to operate within the proposed IoT Blockchain Applications Complex behind the Grid at the Hunter Energy Power Station in the Hunter Valley,” said founder and executive director of the IoT Group, Sean Neylon.

“It will generate almost $20,000,000 per year for 10 years. In addition there has been incredible interest from other cryptocurrency groups which will be signed up over the coming weeks which will deliver substantial revenues and profits to the IOT Group.

According to Neylon, “blockchain is an evolution that is changing the way we do business and communicate. The establishment of the BAC is enormously beneficial to Australia because it’s bringing a whole new tech industry to the country”.

“Previously the Bitcoin and cryptocurrency miners would not even dream of coming here because the cost of power is too high. With the IOT Group taking power from Hunter Energy before it goes on the grid, they are able to the power to the cryptocurrency miners at a less expensive rate than anywhere in Australia.

“The IOT Group will only be using a small portion of the power generated by Hunter Energy and IOT are also negotiating with renewable power suppliers to offer a similar arrangement around Australia to accommodate all of IOT’s cryptocurrency clients. We have an enormous amount of blockchain – cryptocurrency mining interest.”


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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).



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