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```htmlJinse Finance reported that on April 1, the New Hampshire Bureau of Banking and Securities plans to issue what appears to be the first-rated Bitcoin-backed bond, with Moody's giving it a preliminary Ba2 rating, marking a new intersection between crypto assets and public finance. These bonds are backed by Bitcoin held in custody at BitGo as supporting assets. This type of security features a limited recourse structure, ensuring that New Hampshire’s public funds are not at risk, indicating the state primarily acts as a conduit issuer. Meanwhile, rating agencies are continuously refining their assessment methods for crypto asset-backed debt.```

This scale is equivalent to providing clean electricity to around 2 million households, marking a major move by the tech giant in the renewable energy sector. The project will utilize advanced gas turbines in tandem with energy storage systems, not only meeting the ever-growing power demands of Microsoft’s own data centers but also supplying backup power to surrounding communities via the grid adjustment. Notably, the initial generation capacity of 2,500 megawatts already surpasses the scale of many traditional power plants, highlighting the ambition of tech companies to expand into energy infrastructure. According to documents from the Texas Power Reliability Council, the power plant will be constructed in phases, with its final installed capacity likely to increase further. The location is close to Microsoft’s data center cluster in San Antonio, which helps reduce transmission losses and improve energy efficiency. Industry experts note that this “generation-consumption” integrated model could reshape the future paradigm of energy supply for digital infrastructure.

The planned natural gas power plant is expected to cost around $7 billion, with an initial power generation capacity of 2,500 megawatts (MW), making it one of the largest facilities of its kind in the United States. The agreement reached with Microsoft will secure a long-term power client for the plant and support its construction financing. The project still requires tax and environmental permits, as well as agreement on commercial terms.