BTC miner reveals that they are getting paid to produce Bitcoins
A Texas crypto miner operator has been able to sell back its power supply for 8X the price.
According to a Sept. 1 Bloomberg report, Layer1 reported nearly 700% profits. This was from selling excess electricity from its 'Bitcoin Batteries'. These are large-scale energy storage systems used on the firm's crypto farms in Texas.
Texas has the highest power demand for air conditioning in the nation. It is regularly above 37 degrees Celsius (100 in Fahrenheit) in the summer. Layer1 reduces or stops crypto mining as needed. It sends any unused power back onto the grid during the day. The excess heat has been coupled with little-to-no power from wind farms on certain days. This has allowed Layer1 to reap up to 700% in profits. They take advantage of power prices in the area exceeding $200 per megawatt-hour.
The wind farms are uniquely positioned in west Texas. There, wind farms supply more than 15% of the power to the entire state. This is the highest proportion in the country. Bitcoin (BTC) miners such as Layer1 have power plants as a viable alternative business.
It is all part of the plan. Rather than crypto mining, Layer1 would be focusing on selling electricity during the summer months. The mining rigs are not cooled by air but instead suspended in a non-conductive liquid.
As part of its overarching plan, Layer1 has forayed into crypto mining. They plan to return 30% of Bitcoin's total hash rate power to the U.S. by 2022. The organization will soon install 50 containers near Midland. This is capable of producing 100 megawatts of electricity and mining 27 BTC every day. This is more than $320,000 worth at the time of writing.
Texas recently had a controversy regarding an initial coin offering. The District Court of Texas had taken action against parties who had floated the Meta 1 Coin ICO. Following that, the Securities and Exchange Commission had frozen the assets of Meta 1.
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