IOT Group is seeking to establish a hub for crypto-currency miners that will plug directly into a Hunter Valley power station if it is recommissioned.\n \nThe Australia Securities Exchange (ASX)-listed firm has signed a partnership agreement with Hunter Energy \u2013 which is working to acquire the decommissioned coal-fired Redbank Power Station \u2013 to build a two-hectare Blockchain Applications Complex (BAC) on the site, which will get energy from the power station \u2018before the grid\u2019.\n \nThe proposal will make the Hunter Valley, best known for its vineyards, \u201cthe hottest place in the world for the global crypto billionaires\u201d a spokesperson for IOT Group said.\n \nThe set-up will \u201cassist clients to operate and manage their Blockchain businesses on a more cost-effective basis as the cost of power is likely to be more economical\u201d IOT Group said in a statement today.\n \nA company spokesperson said the site would boast new housing, coffee shops and restaurants and attract crypto-currency miners from all over the world.\n \n\u201cThere are no crypto miners in Australia currently because power is too expensive. To make crypto mining work you need cheap power and IOT will change that. IOT has created the biggest and only opportunity for global crypto miners to come to Australia,\u201d a spokesperson for the company said.\n \nThe location would also mean savings on \u201cthe additional charges and costs associated with power transmission, including grid costs, poles and wires, and electricity retailers margins\u201d the company added.\n \nCrypto-currency mining is incredible energy intensive, meaning any saving on electricity miners can secure is significant.\n \nOngoing estimates of the annual electricity consumption of mining Bitcoin alone, puts it somewhere close to the equivalent electricity use of Colombia. Others have calculated Bitcoin mining to be about 0.1% of total global electricity demand.\n \nIOT Group says BAC customers could offer power prices at less than 20 per cent of normalper kilowatt hour charges.\n \nAustralian first\nOver the last few months, the company has appointed a number of established crypto-currency miners to its Blockchain Advisory Board including \u201cearly adopter, miner and evangelist for BTC, Dash and Ethereum\u201d Chadd Burgess, and Wooyoung Joo an \u201cexperienced miner and investor in the cryptocurrency space\u201d who has built and managed mining operations in China and Europe, the company said.\n \nThe small cap company, which has struggled with a shortage of cash since it went public in 2016, also said it was in negotiations with a \u201cmajor data complex builder\/developer and service provider\u201d to co-locate a data centre at the power station site.\n \n\u201cIOT\u2019s intention is that build-out costs and developments costs of the proposed BAC and data centre would be borne substantially by a third-party developer, so as to minimise costs to IOT to develop the BAC,\u201d the company said.\n \nThe transaction of Redbank Power Station to Hunter Energy is not yet complete and the site is currently in \u2018care and maintenance mode\u2019. Hunter Energy \u2013 which will get a 10 per cent cut of the BAC\u2019s net profits as part of the deal \u2013 said that it had however reached an agreement to acquire the station and assets.\n \nIOT Group \u2013 which is also behind delivery platform Runa and miniature camera drone brand Air Selfie \u2013 said if the proposed plan was to come to fruition, the BAC would be hugely attractive to domestic and international blockchain operators.\n \n\u201cBy locating IOT Blockchain operations at the Hunter Energy power station in the Hunter Valley with proposed access to electricity at wholesale cost, this will be a first in Australia and has good prospects of attracting interest from Australian and international Blockchain operations, looking to locate where they have surety of sovereignty and the benefits of low cost power,\u201d said IOT Group executive director and co-founder Sean Neylon.