According to a press release by the company,just in caseof aboomingoutcome to this negotiation,the firmcanreceivethe primary firstorder of rigs in lateOct. this year, witha lot ofto come backwithin thefollowing months. Inchangingthe present facility,the GeneralGroup is reportedlyaiming totake benefit fromlow electricity rateswithin the U.S along with a cooler climate, and high-speedweb,which are considered important parameters for the mining operations.
The current defence center withover3MW of power is reportedly able to accommodate more than a thousand mining rigs, with 12,000 more to beaddedwhenits upgrade to a 30MW facility till 2019. Per the company’s estimation, the mining farm wouldbe adding a profit of worth $3.5 Mln monthly, based mostlywith the initial13,000 mining rigs.
The chief operating officerofGeneral Group ‘Ramy Kamaneh’, adding further stated that:
“We had plannedto buildthis operationfewmonthsago,howeverwith thevolatilecrypto market,we thought totake a step back toassessour strategy again.The choiceto waitfor market stability wasa goodone,particularlyconsideringseveralcryptocurrency machinesaren’t anylonger profitablewithin the current market.Weactedwithin thebest interests ofthe firmand its shareholders and firmly believe that the market hasbottomedand aoptimisticmarket isbeginningonce again.”
Earlier in May this year, an Australian startup IoT Blockchain and mining hardware distributor Royalti Blockchaingroup unconcealedtheir joint plan toflipa unusedpowerhouseinto a “Blockchain ApplicationsComplex,”including Bitcoin mining operations. Theclosely located Energypower station would beofferingcheap-power prices for this project.
Some U.S. statesarewell recognizedfor their low energyprices,that makes them a destination for the miningoperations. However later in July this year,the New York state regulators even approved newelectricity ratecategoriesfor the crypto miners. The Massena municipal utility too introduceda new price rate list structure for crypto miners, considering contracts on aindividualbasis,which are expected toshieldalternativeutility customers frommultipliedrates.