A green mining company has joined forces with a climate tech firm to construct the largest solar farm in the UAE. Experts believe this marks the initial step in developing the energy-efficient infrastructure required by the country to draw top cryptocurrency mining talent. Mining and AI computation firm Hearst has partnered with Gigatons, a climate tech funding and technology platform, for this groundbreaking project, which aims to revolutionize green crypto mining and AI computing.
"What we are achieving in the UAE is the fusion of sustainability and profitability," said Loic Ricci, COO of Hearst, in an interview with Khaleej Times. "By combining our expertise with that of our partner, we can introduce a hybrid model that integrates green energy with high-performance computing (HPC) or blockchain technology."
Loic made these remarks during the Bitcoin Mena conference, which commenced in Abu Dhabi on Monday and brought together leading cryptocurrency experts from around the globe. Crypto mining, known for its high energy consumption, uses approximately 91 terawatt-hours (TWh) of electricity annually, surpassing the total electricity usage of several countries.
Ricci explained that the project is currently in the licensing phase, with all details being finalized. "Gigaton is one of the most successful solar power companies globally," he noted. "They are now based in the UAE and have applied for a solar license. We are collaborating with them, bringing our blockchain and AI computing expertise, while they will supply energy from solar power. Their partners, Mitsubishi and Hitachi, will provide the hardware needed to create a vast solar power landscape that will fuel our mining and AI computing infrastructure."
The solar farm will be situated in the desert region of Abu Dhabi and will be capable of generating the substantial energy required for mining operations. Loic, who has been working in the UAE for three years, recently relocated to the country. "I came to the UAE initially because my partner was based here," he said. "But I quickly realized why it was such an ideal place to live. The innovation ecosystem is remarkable, with a financial system that strongly supports new ideas.
Additionally, from a legal and regulatory perspective, the Virtual Assets Regulatory Authority (VARA) has effectively established a framework that allows for innovation while adhering to regulations. For these reasons, I believe the UAE is perfectly positioned to continue excelling in blockchain innovation."
Ricci added that the company will operate this project through a distinctive initiative involving tokenized carbon credits. "Since we run all this infrastructure on green energy, we can claim carbon credits," he explained. "Our partner will tokenize these credits, enabling us to generate an additional revenue stream by selling them."
He expressed pride in the work being done with the solar farm. "We have a unique chance to create an innovative model, and I hope that in the future, all cryptocurrency mining will be conducted using sustainable energy."
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