- iMining Technologies (IMIN) has signed a Letter of Intent to purchase a 4MW Power Project in Alberta
- This acquisition supports iMining’s focus on an energy-first strategy
- The company may expand the existing facility by an additional 6MW
- Khurram Shroff, Chairman and the CEO of iMining, sat down with Daniella Atkinson to discuss the news
- iMining invests in energy infrastructure, blockchain technology and Web3.0 ecosystem
- iMining Technologies Inc. (IMIN) opened trading at C$0.08
iMining Technologies (IMIN) has signed a Letter of Intent to purchase a 4MW Power Project in Alberta.
The project is capable of generating up to 4 MW per hour by using low-cost natural gas to run the Rolls Royce turbine. The project has an existing interconnection agreement with Fortis Alberta, which is due to expire on 31st December 2027. Under the agreement with Fortis, the power plant is operated as a peaking plant. However, during the times when Fortis does not need power, the plant may generate power for self-use purposes.
The current market prices have impacted the Digital Asset mining space, forcing many miners to either go into bankruptcy or cease operations altogether. The largest cost of operation for a digital asset miner is the Energy cost. The rapid decline in the price of Digital Assets against relatively stable input costs has had an adverse impact. iMining has decided to focus on an energy-first strategy to become a fully integrated energy company enabling future technologies.
Khurram Shroff, Chairman and the CEO of iMining, sat down with Daniella Atkinson to discuss the news.
“This is a sizeable power project acquisition for our portfolio and aligns with our ambitions to be an energy-first company. This acquisition solidifies our transformation to an energy company of the future, using state-of-the-art carbon emission technologies and strategies. This facility is currently being operated as a peaking plant, and we intend to continue to operate it as such until we start our Data Center operations. We have the ability to expand the existing facility by an additional 6MW, which can either be sold to the electrical grid in Alberta and /or be used to power our data center operations, generating multiple revenue streams.”
iMining invests in energy infrastructure, blockchain technology and Web 3.0 ecosystem.
iMining Technologies Inc. (IMIN) opened trading at C$0.08.