• Home
• /
• Energy
• /
• Business

UAE: Climate tech, blockchain computing firms to build country's biggest solar farm to power crypto mining

The project, which will be located in Abu Dhabi's desert region, will also run through a unique initiative of tokenised carbon credit, said Hearst COO

A green mining firm has partnered with a climate tech company to build the biggest solar farm in UAE. According to experts, this is the first step towards building the energy-efficient infrastructure of tomorrow that the country needs to attract the best cryptocurrency mining talent.

Mining and AI computation company Hearst has joined forces with Gigatons, a climate tech funding and technology platform for this ambitious project which will power the future of green crypto mining and AI computing.

“What we are doing for UAE is we are finally mixing sustainability and profitability,” Loic Ricci, COO of Hearst told Khaleej Times. “By mixing our expertise with that of our partner, we can deliver a never-seen-before type of hybrid model where we mix green energy and HPC or blockchain computing.”

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

Loic was speaking on the sidelines of the two-day Bitcoin Mena conference that began in Abu Dhabi on Monday and brought together some of the leading cryptocurrency experts from across the globe. Crypto mining is an energy intensive process that uses up about 91 terawatt-hours (TWh) of electricity annually, which is more than the total electricity used in several countries around the world.

Licensing stage

He explained that the project is in the licensing stage and all the details are being figured out. “Gigaton is one of the most successful companies for solar power in the world,” he said. They are located now in UAE and have applied for the solar licence. We are partnering with them. So we bring the blockchain and AI computing know-how, and they will provide energy from solar power. Two of their partners, Mitsubishi and Hitachi, are involved, and they will provide the hardware to create a massive landscape of solar power that will power our mining and AI computing infrastructure.”

He added that the farm will be located in the desert region of Abu Dhabi and will be large enough to produce the high amounts of energy needed for mining activities.

Supportive financial system for innovation

Loic, who has been working in the UAE for three years, recently relocated to the country. “I arrived in UAE first because my partner was located here,” he said. “But I quickly understood why it was such a great place to live. The ecosystem to innovate is so cool. There is a financial system that is very supportive for innovations."

Also, from a legal and regulatory standpoint, the Virtual Assets Regulatory Authority (VARA) has done a very good job on defining a frame for us to innovate while following some regulations. So, for those many reasons, I think UAE is just at the right place to continue to perform in terms of innovation in the blockchain industry.”

He added that the company will run this project through a unique initiative of tokenised carbon credit. “Because we run all this infrastructure on green energy, we can claim carbon credit,” he explained. “And our partner will tokenise that. So, we can generate an extra revenue stream by selling these credits.”

He said he was very proud of the work they were doing with the farm. “We have a unique opportunity to create such an innovative model and I hope that in the future, not a single cryptocurrency will be mined without using sustainable energy.”

ALSO READ:

• UAE: 25 million shoes thrown out each year; experts urge action on fashion waste

• UAE: Fake, confiscated goods to be recycled and rebranded at Dubai factory

• UAE Bitcoin investors may benefit under Trump as crypto value could hit $13 million

• UAE: Planning to propose? Here's a cryptocurrency ring