Australian startup IOT Group said its unit IOT Blockchain Pty. Ltd has inked an agreement with mining hardware distributor Royalti Blockchain Group, BitFury's authorized Australian integrator and approved partner, to install BitFury's bitcoin mining hardware.
In a statement, IOT said BitFury's servers in Australia will be housed at IOT's proposed Blockchain Applications Complex or BAC in the Hunter Valley. The is worth A$190 million, reports said.
Executive Director and Founder of IOT Group, said, "This is a cornerstone Agreement for IOT Blockchain and, assuming completion, is expected to provide substantial revenue streams for the next ten years, thereby building Shareholder value."
Under the deal, Bitfury's approved partner, Royalti Blockchain, would build and supply the infrastructure and servers, while IOT would to provide land and power.
IOT said Bitfury servers will be under a long-term Power Purchase Agreement, which will be for an initial 5 years with an option for a further 5 years.
The PPA is for 20 Megawatts of power over a ten-year term at an estimated cost of 11 AUD cents per KWh
The Terms Sheet is subject to completion by Hunter of its proposed acquisition of all right, title and interest in the Redbank Power Station among others.
For comments and feedback contact: editorial@rttnews.com
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.