A Swiss-based crypto mining firm called White Rock Management has announced plans to start operating in Texas before moving on to the rest of the United States.
NGON, a business that catches natural gas that would otherwise be burned and converts it to electricity for use in the firm’s Bitcoin (BTC) mining operations, and White Rock Management announced their partnership on Tuesday. According to White Rock, it will be based out of NGON’s facilities in the Brazos Valley area and mine BTC in accordance with “green” principles.
According to White Rock CEO Andy Long, the company has plans to expand its BTC mining operations to locations that can supply energy from natural gas beyond the reach of the state’s power system.
The company’s entry into Texas was simply the first step in this process. The company announced that its operations in the United States will initially have a capacity of 3 megawatts, aiming for the firm’s overall hashrate to reach more than 1.6 EH/s. The company started mining cryptocurrency at data centers in Sweden in November 2021.
The recent market collapse, which has seen the price of Bitcoin drop by more than 28% over the last 30 days, might be having an effect on the earnings of cryptocurrency miners.
The “raw” cost of mining in North America, according to Cointelegraph’s article from June 10, was over $22,000 per Bitcoin, with extra expenses perhaps pushing the total to above $30,000.
In the midst of the bear market, a number of mining companies in the area, including Bitfarms, have acknowledged selling part of their Bitcoin holdings.
Uncertainty exists regarding how the recent volatility may impact White Rock’s activities in Texas. Nearly a year after first starting ground on the 200-megawatt data center, Argo Blockchain said in May that it was planning to start mining operations in Texas’ Dickens County.
This was before the market slump. The City of Fort Worth also started a pilot program in April to mine BTC with three rigs inside the city hall structure.
