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SWITZERLAND BASED CRYPTO FIRM WILL HAVE INITIAL CAPACITY OF 3MW IN US

SWITZERLAND BASED CRYPTO FIRM WILL HAVE INITIAL CAPACITY OF 3MW IN US 

White Rock Management, a Swiss-based cryptocurrency mining company, said it would expand its operations in the United States, starting with Texas.


In a statement Tuesday, White Rock said it would work with Natural Gas Onsite Neutralization, or NGON, a company that extracts natural gas that could be burned and converted it into energy for use in the company's Bitcoin (BTC) mining operations. White Rock said it would be operating outside the NGON center in the Brazos Valley region, the BTC mining using "environmentally friendly" methods.


According to White Rock CEO Andy Long, the move to Texas was the first in a series of firm plans to expand its BTC mining operations to areas that could supply natural gas beyond the scope of the provincial power grid. The company began mining crypto mines in data centers in Sweden in November 2021 and reported that its operations in the United States will have an initial capacity of 3 megawatts, with the aim of increasing the company's hashrate over 1.6 EH / s.



Operation of Crypto mining company White Rock Management in Texas. Source: White Rock

The recent market downturn - the price of Bitcoin has dropped by more than 28% in the last 30 days - could affect the profitability of crypto miners. Cointelegraph reported on June 10 that the "green" cost of North American miners was estimated at $ 22,000 per Bitcoin, with additional costs that could bring the total to more than $ 30,000. Many regional mining firms including Bitfarms have reportedly sold some of their BTC assets in the bear market.



It is not yet clear how the recent turmoil could affect White Rock's performance at Lone Star State. He told Cointelegraph for a long time that the company "managed to mine profitable mines in the bear and bull markets" due in part to having the latest generation of rigs.


“Our U.S. Center We highly recommend our Swedish 100% water-efficient sites and see more opportunities in volatile market conditions, ”Long said. "In particular we expect there to be attractive opportunities [integration and acquisition] and integration between public and private miners."



Before the market downturn, Argo Blockchain said it plans to launch operations in Texas' Dickens County about a year after the initial collapse - the 200-megawatt data center began mining in May. In April, the City of Fort Worth re-launched a BTC mining test using three tools in its town hall building.

Source: cointelegraph




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