The Texas Cryptocurrency Mining Operator, Layer1 Technologies was able to sell its power source for 8 times the price.
According to a Bloomberg report dated Sept. 1 Layer1 reported a profit of nearly 700% from the sale of excess electricity from its “bitcoin batteries”., large energy storage systems used in the company’s cryptocurrency farms in Texas.
When air conditioning needs are highest in Texas, where it’s regularly over 37 degrees Celsius (100 Fahrenheit) in the summer, Layer1 reduces or stops cryptocurrency mining as needed to provide unused energy. at the start again during the day. Excessive heat combined with little or no energy from wind farms on certain days has allowed Layer1 to generate up to 700% profittaking advantage of energy prices in the region that exceed USD 200 per megawatt hour.
“We get paid to make bitcoins,” said Alexander Liegl, Co-Founder and CEO of Layer1.
Uniquely positioned in West Texas, where wind farms provide more than 15% of the power to the entire state, the highest proportion in the country. Bitcoin (BTC) mines like Layer1 have a viable alternative business like power plants.
It’s all part of the plan: Liegl announced earlier this year that Layer1 would focus on selling electricity in the summer months instead of mining cryptocurrencies.. Mining equipment is not air-cooled, but immersed in a non-conductive liquid.
Layer1’s foray into cryptocurrency mining is part of its overall plan to return 30% of all bitcoin energy to the US by 2022. Liegl said the company will soon be installing 50 containers near Midland that will produce 100 megawatts of electricity and generate 27 BTC per day, or more than $ 320,000 at press time.