Two giant mining firms Bitdeer & Riot Blockchain getting out of the fight against high crypto mining electricity by getting into Texan.
At present, Bitcoin mining operations are at a tremendous level even though there is a need for huge hash power requirements to mine even a small fraction of bitcoin but still, big companies are not lagging to make money through bitcoin mining.
Bitdeer and Riot Blockchain are two giant level bitcoin mining companies. Earlier, Bitdeer was in the Chinese bitcoin miners producer company Bitmain but it is out of Bitmain ruling. While Riot Blockchain is a US-based mining firm that is also a publicly-traded company.
Before the entry of Bitdeer & Riot blockchain, there was huge electricity production in the Texan town of Rockdale. And the whole consumption of the electric power was done by the aluminium smelting facility in Texan. But after winding up the aluminium smelting operations, a huge amount of electricity generation capacity in Rockdale was wasted.
Now, only 5,600 population-based small villages will give huge profits to these two bitcoin mining companies. Because these companies will get better electricity supply at low cost and also better area for their mining data centre operations.
Rockdale Mayor John King also asserted the importance of the shifting of these two bitcoin mining firms. According to the Mayor, these bitcoin mining firms will use the electricity capacity of the grid perfectly to generate an income. And also there is a better relationship between the Bitcoin mining firm & Electricity suppliers. It will help both these parties to under the critical situation as per supply and demand of the electricity needs.
Further, Rockdale Mayor said
“Miners are committed to buying a certain amount of power and what they do is they sell it back at market and make a profit. They have a contract of two cents or three cents…and they can sell it for $9 a kilowatt-hour.”