The company reported its operations within the us can have an initial capability of 3 megawatts, aiming for the firm’s total hashrate to be more than 1.6 EH/s.
White Rock Management, a cryptocurrency mining company based mostly in Switzerland, aforesaid it'll be increasing its operations to the united states, beginning with Texas.
In a Tuesday announcement, White Rock aforesaid it'll be partnering with natural gas Onsite Neutralization, or NGON, a corporation that captures fossil fuel that would otherwise be burned and converts it to energy to be used in the firm’s Bitcoin (BTC) mining operations. White Rock aforesaid it'll be operative out of NGON’s facility in the Brazos valley region, mining BTC using “environmentally responsible” strategies.
According to White Rock CEO Andy Long, the move in Texas was simply the primary within the firm’s plans to expand its BTC mining operations to areas capable of providing energy from fossil fuel outside the scope of the state’s facility. the company began mining crypto at data centers in Sweden in November 2021 and reported its operations within the us can have an initial capability of three megawatts, aiming for the firm’s total hashrate to be more than 1.6 EH/s.
The recent market downturn — the value of Bitcoin has fallen quite 28% within the last 30 days — is also impacting crypto miners’ profits. Cointelegraph reported on June ten that the “raw” prices for miners in North America were roughly $22,000 per Bitcoin, with extra costs potentially bringing the total to quite $30,000. several mining companies within the region together with Bitfarms have reported commerce a number of their BTC holdings amid the bear market.
It’s unclear however the recent volatility could have an effect on White Rock’s operations within the Lone Star State. Long told Cointelegraph the firm was "able to mine profitably in bear and bull markets" due partly to having the newest generation of rigs.
"Our U.S. facility absolutely compliments our Swedish 100% electricity high-powered sites and that we see an excellent deal of chance within the current turbulent market conditions," said Long. "In specific we tend to expect there to be enticing opportunities for [mergers and acquisitions] and consolidation between public and privately held miners."
( Turner Wright, Cointelegraph, 2022 )