Sangha’s renewable energy, a bitcoin
Mining, aimed at enabling renewable energy companies that my Bitcoin broke the ground on Wednesday on its flagship 19.9 Megawatt (MW) solar facility in West Texas.
“We have been very pleased with the development so far,” Spencer Marr, the company’s president, said Coindesk in a statement. “We made the decision to use our own funds to buy long leadership time electrical infrastructure last November, even before the agreement closure, to make sure we could mining as soon as possible and it has paid off.”
“We also have a good team of partners and suppliers, including CSD Energy, Ecodigital, Moonshot Electrical, Fusion Industries, Greenhash and Pro Mining Solutions, all of which have looked up to make this a success,” Marr added.
While most mining companies focus on acquiring mining and searching the cheapest electricity contracts possible to produce Bitcoin, Sangha’s approach is markedly different: to convince large renewable energy companies to incorporate Bitcoin mining into their own business models.
The track is simple. Green energy projects often suffer from a mismatch in production and demand. For example, a wind farm can generate a lot of electricity on a windy night – just when everyone is asleep and consumption is lowest. Instead of selling this excess electricity with a loss, the affected company could potentially turn on Bitcoin miners and make a profit.
The West Texas project is Sangha’s pilot program. Currently, Sangha herself owns the miner through a number of subsidiaries and buys electricity from the energy company, although the energy company can eventually integrate the operation.
The project is expected to generate $ 42 million in revenue in the first 12 months and my approx. 900 Bitcoin over the next 10 years. It will have access to electricity anywhere between 2.8 cents and 3.2 cents per year. Kilowatt-time on a 30-year lease, which means investors will be able to acquire Bitcoin with a discount of 25% to 50%.
Construction is expected to close in the second half of July, although unforeseen events can push it back a month, Marr said. Bitcoin mining must begin soon as the construction has been completed.
“We expect to book the project during the summer and spend that time to iron any initial kinks,” Marr said. “We intentionally ordered 2% more asics than we needed to give us a margin of error for defective machines.”
With $ 14 million collected so far through equity-by-way thanks to Plural Energy, enabling medium-sized renewable energy projects to raise funds from chain-have Sangha secured 82% of his $ 17 million share area for the West Texas project.
“In the fall, we expect to be a well -oiled machine and to use Plural Energy’s smart contract features to stream distributions to our stock investors that are excited about the idea of receiving distributions naturally in Bitcoin,” Marr said.
