Canadian Transeastern Trust aquires Dorobantu wind park for €90 mill to mine bitcoins in Romania

Transeastern Power Trust Team / Photo credit:

Canadian company Transeastern Power Trust acquired the Dorobantu wind park in Romania to use its wind energy for mining bitcoins. Reportedly the acquisition is worth €90 million and its ultimate aim is to introduce a new and robust business model within the cryptocurrency field.

J. Colter Eadie, CEO @ Transeastern Power Trust / Photo credit: Eadie’s LinkedIn profile

“As we move from a renewable energy utility model to a vertically integrated cryptocurrency mining operation we believe we are pioneering a new and robust business model. We are well positioned to power our mining operations primarily through clean energy generated at our own operations at nominal cost augmented by revenue from green certificates earned through the generation of renewable energy,” Transeastern CEO J. Colter Eadie said in a note to investors, romania-insider reports.

To date, the coal mining is the most popular cryptocyrency mining method in the world. However, in the announcement following the acquisition, Transeastern team is introducing a thought-provoking remark to their investors when explaining that the “coal may burn out but the wind will continue to blow”.

Will wind energy method overtake the leadership position of the coal mining method in mining cryptocurrency process is yet to be seen. For now is only clear that with this investment, the Canadian Transeastern makes a great shift from their primary focus – producing and selling electricity – to mining digital currencies. Interestingly, they have even officially changed their name from Transeastern Power Trust to Blockchain Power Trust.

Moreover, as the company announces, they have recently reached an agreement to buy approx. €19,2 million worth mining equipment.

According to the new owner estimations’, the Dorobanty wind park will enable them to produce roughly 30 bitcoins per day, due to the park’s processing wind power of 90,7 PH/s.

Located in the region called Dobrogea, Dorobantu wind park was originally developed by OMV Petrom,  the largest integrated oil and gas group in Southeastern Europe. OMV Petrom announced the intention to sell the farm at the beginning of 2017 stating that wind power production doesn’t fit into the strategic direction of the company.

Transeastern or now called the Blockchain Power Trust is an independent power producer, that generates and sells electricity to licensed electricity buyers in Romania. This Trust owns and operates dozens of plants that produce electricity from renewable sources (a wind park, two solar parks, and 11 micro-power plants) all in Romania. The company was founded in 2014 and listed on the TSX Venture Exchange in Canada.