Texas crypto miner operator Layer1 Applied sciences has been ready to promote again its energy provide for 8X the value.
In accordance to a Sept. 1 Bloomberg report, Layer1 reported practically 700% earnings from promoting extra electrical energy from its ‘Bitcoin Batteries’ – large-scale power storage methods used on the agency’s crypto farms in Texas.
When the facility demand for air-con is highest in Texas — the place it’s usually above 37 levels Celsius (100 in Fahrenheit) in the summertime — Layer1 reduces or stops crypto mining as wanted to ship any unused energy again onto the grid through the day. The surplus warmth coupled with little-to-no energy from wind farms on sure days hasallowed Layer1 to reap up to 700% in earnings, by profiting from energy costs within the space exceeding $200 per megawatt-hour.
“We’re getting paid to produce Bitcoins,” mentioned Layer1 co-founder and CEO Alexander Liegl.
Uniquely positioned in west Texas, the place wind farms provide greater than 15% energy to the complete state — the very best proportion within the nation — Bitcoin (BTC) miners like Layer1 have a viable different enterprise as energy vegetation.
It’s all a part of the plan: Liegl said earlier this yr that Layer1 could be specializing in promoting electrical energy through the summer time months relatively than crypto mining. The mining rigs should not cooled by air, however relatively suspended in a non-conductive liquid.
Layer1’s foray into crypto mining is a part of its overarching plan to return 30% of Bitcoin’s complete hashrate energy again to the U.S. by 2022. Liegl says the corporate will quickly set up 50 containers close to Midland, able to producing 100 megawatts of electrical energy and mining 27 BTC on daily basis, or greater than $320,000 value on the time of writing.