CryptoSolarTech was a Spanish startup founded in 2018 by Pablo Alonso and Alain Aguirre. The company’s objective was to establish a cryptocurrency mining farm in Malaga, Spain, powered by a dedicated photovoltaic solar plant in Andalusia, with a projected capacity of 45,000kW. The B2B model involved using the generated solar power for its 3,000 specialized ASIC mining rigs and selling surplus energy. Management and income generation were planned to be handled through the Ethereum blockchain. To finance the project, CryptoSolarTech launched an Initial Coin Offering (ICO) in the summer of 2018 for its CST token, successfully raising approximately $68 million. The token was intended to represent a fraction of ownership in the mining farm and solar plant. The company secured a 15-year power purchase agreement with Respira Energía to ensure the energy used was 100% CO2-free. Additionally, it announced a partnership with Risen Energy in October 2018 for the development of the photovoltaic plant. However, the project encountered significant setbacks. After its token value decreased substantially, the company failed to obtain the necessary building permits for its facilities. Consequently, in February 2019, CryptoSolarTech announced it was canceling the project and would return the $68 million raised during the ICO to its investors. The company is now considered deadpooled. Keywords: solar powered crypto mining, green bitcoin, ICO, photovoltaic plant, ASIC mining, renewable energy crypto, sustainable blockchain, energy-efficient mining, CST token, Respira Energía, Risen Energy, blockchain energy project, crypto farm, Malaga tech, Andalusia solar, clean energy mining, crypto investment, Ethereum blockchain, failed ICO, deadpooled startup
