According to newsbtc.com, Power Block Coin LLC is going big on cryptocurrency mining as it is ready to build a 251 million dollar cryptocurreny mining farm in Butte, Montana.
Last year, the cryptocurrency market has grown and gained a lot of popularity. A way to create more coins is by mining, so it become increasingly popular for the average person but also for the corporate investors. There is a competition between miners to find the most efficient algorithm solver in order to mine more than the competitors. This has created many new innovative methods of mining, such as large-scale mining farms in many locations worldwide.
These miners always look for places where the cost of electricity is low. The process of mining cryptocurrencies utilizes a lot of energy, so companies that want to maximize their profits have to use their energy efficiently and pay it at the lowest price possible.
Butte’s council of commissioners gave a permit to Power Block Coin LLC to construct its $251 million mining farm. The vote was unanimous, 9-0 in favor of the project
The company, which is a subdivision of Blue Castle Holdings, estimates that the project will take approximately 3 years to complete. The power required to run the farm will be 135 megawatts, which represents the electricity consumed by 20 000 single houses.
The electricity network to power the farm will cost about 10 million dollars, the building will be built in two stages during a period of two years.
A big part of the initial investment, 60 millions, will be used to construct between 70 to 200 mining rigs. The size of these units can go from the size of a shipping container, to the size of a warehouse.
Blue Castle Holdings’ CEO mentioned that “bitcoin is the fastest-growing segment of cryptocurrency. If it tanks, the same processors can be used for medical research or AI.”
It will be the second biggest mining farm in Montana. They can use their power in order to support other companies in multiple industries, such as the medical industry.