VANCOUVER, British Columbia, July 11, 2018 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V:SOLR) is pleased to announce that it has signed a Memorandum of Understanding (“MOU”) with NuYen Blockchain, a company focused on the mining of cryptocurrency and the development of blockchain IP, to host cryptocurrency mining equipment at Solar Alliance’s recently acquired 165,000 square foot warehouse facility in Murphysboro, Illinois. Under the terms of the MOU, Solar Alliance will ultimately allocate up to 10 megawatts (“MW”) of power to NuYen Blockchain. The Murphysboro facility has an initial capacity of 2 MW and the additional power capacity allocated to NuYen Blockchain will be a combination of additional grid connected power and an onsite solar system to be added over time. NuYen Blockchain is also a potential tenant for the initial 2 MW allocation.
“Signing this MOU with NuYen Blockchain supports the business model we have envisioned for the Murphysboro colocation facility and illustrates the long-term potential of this project as a solar-powered cryptocurrency mining center,” said Chairman and CEO Jason Bak. “We are making solid progress as we plan the upgrades for the Murphysboro facility to ensure it will be a world class colocation center that combines low cost grid connected power, renewable solar power and workforce training as part of the Renewing the Murphysboro Community Through Green Energy Jobs Initiative Solar Alliance has undertaken with the City of Murphysboro. Once the facility is operational, we expect to benefit from a recurring revenue stream from cryptocurrency mining tenants,” concluded Bak.
Solar Alliance continues to make progress on the previously announced Memorandum of Understanding with a major solar panel manufacturer which outlines the steps the two companies will take to execute a final Joint Development Agreement (“JDA”). The JDA may include provisions for preferred panel pricing, sponsor equity provision and a credit facility for development funding for cryptocurrency mining projects. As a global leader in solar panel production and project development, the top tier manufacturer is an ideal partner to help accelerate the adoption and expansion of solar power cryptocurrency mining facilities. The solar panel manufacturer will be identified once the JDA has been executed.
Solar Alliance is in discussions with several other potential cryptocurrency mining tenants and expects to announce additional hosting and colocation agreement in the near future. Interested cryptocurrency mining companies can contact Solar Alliance at hosting@solaralliance.com for information and space availability.
Cryptocurrency Mining
Cryptocurrency mining operations use powerful computers to support the unalterable digital ledger referred to as the blockchain. Blockchain relies on "miners" to securely validate and record transactions through a network of computers. Miners are responsible for validating, processing, and adding transactions to an unalterable ledger. This creates a tamper-resistant consensus that allows the blockchain to function. Miners are rewarded with cryptocurrency (Bitcoin, Ether, etc.) for contributing intensive computing power that is required to perform the above tasks. The computers require a lot of power and a key catalyst for miners is access to low cost power. According to a report from Coherent Market Insights, the global cryptocurrency mining market was valued at US $610.91 million in 2016 and is expected to reach US $38.38 billion by 2025, growing at a compound annual growth rate of 29.7 percent over the forecast period.
About NuYen Blockchain
Specializing in digital assets that monetize the blockchain ecosystem, NuYen Blockchain is a full-service, cryptocurrency solutions provider that is challenging and disrupting the financial status-quo by leading the way for a decentralized currency economy. From the procurement of key technologies including state-of-the-art mining facilities, to offering OTC market services and an expert research and development consultancy, NuYen Blockchain is committed to its mission of becoming a global leader of blockchain-based technologies by 2020.
Jason Bak, Chairman and CEO
| For more information: |
| Solar Alliance Investor Relations Jason Bak, CEO (604) 288–9051 jbak@solaralliance.com |
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an international energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in California, Tennessee, North/South Carolina and Kentucky and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally-friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.
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