- The company’s initial capacity will be 3 MW.
- The company’s goal is 1.6 EH/s. To get an overall hash rate of more than
- The company starts crypto mining in data centers in Sweden
White Rock Management, a Switzerland-based digital currency mining organization, said it will expand its operations in the United States, starting with Texas.
In Tuesday’s announcement, WhiteRock said it would be working with Natural Gas Onsite Neutralization, or NGON, an organization that captures combustible gas that’s already burning and uses it in the company’s bitcoin (BTC) mining operation. It will completely convert it into energy.
WhiteRock said it will operate out of the NGON office in the Brazos Valley region and mine BTC using naturally-enabled strategies.
It’s not clear how recent volatility might affect WhiteRock’s operations
According to WhiteRock CEO Andy Long, the move to Texas was just the company’s key move to expand its BTC mining operations into areas suitable for the delivery of combustible gas energy outside of the confines of the state power grid.
The organization started crypto mining on server farms in Sweden in November 2021 and is expanding its operations in the United States, which will have an inherent limit of 3 MW without increasing the absolute hash rate to over 1.6 EH/s restrict.
A new market downturn — the cost of bitcoin has fallen more than 28% in the past 30 days — could hurt crypto miners’ profits.
Cointelegraph gave details on June 10 that the “raw” cost of excavators in North America was typically $22,000 per bitcoin, with additional spend potentially exceeding $30,000. Several mining companies in the region, including Bitfarm, have announced plans to sell some of their BTC assets amid a bear market.
ALSO READ: Selling Bitcoin Miners Could Keep Prices Low
Fort Worth also started a pilot program to mine BTC
What the new unpredictability could mean for White Rock’s activities in the Lone Star State is unclear. Long told Cointelegraph that the company is willing to profitably mine in bear and buyer markets on a limited basis as it is the tool of the recent era.
Long said his US office admires Sweden’s 100 percent hydropowered destinations and sees great potential for violent economic conditions.
In particular, they anticipate that there should be lucrative open doors for mergers and acquisitions and coalitions between the public and clandestine diggers.
Before the market slump, Argo Blockchain said it plans to ship about 12 months after work began in Dickens County, Texas — the 200 MW server farm that began mining in May. In April, the city of Fort Worth similarly sent out a pilot BTC mining program using three rigs in its downtown lobby building.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to become their own bank and break away from traditional money exchange systems. It is also influenced by blockchain technology and how it works.
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