Sydney blockchain integrator strikes virtual deal for virtual currency project

Australia’s IoT Group (ASX:IOT) has struck a “cornerstone” agreement with Royalti Blockchain Group to kit out its proposed Hunter Valley power plant cryptocurrency mining project with Bitfury servers, but the deal has a very long way to go before becoming a reality.

The Australian Securities Exchange (ASX)-listed IoT Group said on 7 May that its subsidiary IoT Blockchain had signed a conditional binding terms sheet with Royalti Blockchain Group, an authorised Australian integrator for blockchain technology company Bitfury.

The idea behind the deal is that Royalti Blockchain Group will house Bitfury’s cryptocurrency mining servers in Australia at IoT Group’s proposed Blockchain Applications Complex in the Hunter Valley, NSW.

The publicly-listed company, which claims on its website to be currently focused on designing and developing a range of selfie drones, made headlines in April over its proposal to establish a cryptocurrency mining hub at the Hunter Valley’s decommissioned coal-fired Redbank Power Station.

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Source: Sydney blockchain integrator strikes virtual deal for virtual currency project – ARN