The now shuttered coal-fired power station on Australia's east coast will offer cheap power prices to blockchain operators. What is the world coming to?
Once the power plant is reopened (expected to be completed within 12 months), it will offer wholesale or "pre-grid" power prices to blockchain companies, allowing them to do things like mining cryptocurrencies, without having to pay retail power prices. There's no doubt blockchain is the next big thing in the tech world. It's essentially a technology that stores individual transactions in an ever-growing set of data blocks, allowing different parties to see the same information because it's distributed across computers, rather than being stored in one place. But while blockchain guarantees trust in a digital world, mining blocks (the process of adding and securing data) is an incredibly compute-intensive task, and one which consumes a huge amount of power. World mining of bitcoin (probably the most well-known blockchain application) currently uses about as much power as the country of Singapore.