According to a press release by the company, just in case of a booming outcome to this negotiation, the firm can receive the primary first order of rigs in late Oct. this year, with a lot of to come back within the following months. In changing the present facility, the General Group is reportedly aiming to take benefit from low electricity rates within the U.S along with a cooler climate, and high-speed web, which are considered important parameters for the mining operations.
The current defence center with over 3MW of power is reportedly able to accommodate more than a thousand mining rigs, with 12,000 more to be added when its upgrade to a 30MW facility till 2019. Per the company’s estimation, the mining farm would be adding a profit of worth $3.5 Mln monthly, based mostly with the initial 13,000 mining rigs.
The chief operating officer of General Group ‘Ramy Kamaneh’, adding further stated that:
“We had planned to build this operation few months ago, however with the volatile crypto market, we thought to take a step back to assess our strategy again. The choice to wait for market stability was a good one, particularly considering several cryptocurrency machines aren’t any longer profitable within the current market. We acted within the best interests of the firm and its shareholders and firmly believe that the market has bottomed and a optimistic market is beginning once again.”
Earlier in May this year, an Australian startup IoT Blockchain and mining hardware distributor Royalti Blockchain group unconcealed their joint plan to flip a unused powerhouse into a “Blockchain Applications Complex,” including Bitcoin mining operations. The closely located Energy power station would be offering cheap-power prices for this project.
Some U.S. states are well recognized for their low energy prices, that makes them a destination for the mining operations. However later in July this year, the New York state regulators even approved new electricity rate categories for the crypto miners. The Massena municipal utility too introduced a new price rate list structure for crypto miners, considering contracts on a individual basis, which are expected to shield alternative utility customers from multiplied rates.