Sangha Renewables, a bitcoin
The mining company which aims to allow renewable energy companies to operate Bitcoin, inaugurated its flagship solar facilities of 19.9 megawatts (MW) in western Texas on Wednesday.
“We have been extremely satisfied with the development so far,” said Spencer Marr, the president of the cabinet, in Coindesk in a press release. “We made the decision to use our own funds to buy long -term electrical infrastructure last November, even before the closing of the agreement, to ensure that we could be operating as soon as possible, and this has borne fruit.”
“We also have a large team of partners and suppliers, including CSD Energy, Ecodigital, Moonshot Electrical, Fusion Industries, Greenhash and Pro Mining Solutions that have all launched it to make it a success,” added Marr.
While most mining companies focus on acquiring mining platforms and the search for cheapest possible electricity contracts to produce Bitcoin, Sangha’s approach is clearly different: to convince large renewable energy companies to incorporate bitcoin extraction into their own commercial models.
The terrain is simple. Green energy projects often suffer from an inadequacy of production and demand. A wind farm, for example, can generate a lot of electricity during a bitter night – just when everyone is asleep and consumption is the lowest. Instead of selling this surplus electricity at a loss, the affected company could potentially activate Bitcoin extraction machines and make a profit.
The West Texas project is the Sangha pilot program. For the moment, Sangha herself owns the minor through a series of subsidiaries and buys electricity from the energy company, although the energy company can possibly integrate the operation.
The project is expected to generate $ 42 million in income in the first 12 months and operate around 900 bitcoin in the next 10 years. He will have access to electricity for between 2.8 cents and 3.2 cents per kilowatt hour on a 30 -year lease, which means that investors will be able to acquire Bitcoin with a delivery of 25% to 50%.
Construction should close in the second half of July, although unforeseen events can grow this month, said Marr. Bitcoin exploitation should start as soon as the construction is completed.
“We expect to order the project during the summer and use this time to flatten the initial problems,” said Marr. “We deliberately ordered 2% more Asic that we needed to give ourselves a margin of error for defective machines.”
With 14 million dollars collected so far by equity – partly thanks to plural energy, which allows medium -sized renewable energy projects to collect funds from chain investors – Sangha obtained 82% of its target of $ 17 million for the West Texas project.
“In the fall, we expect to be a well -oiled machine and to use intelligent plural energy contract capacities to distribute distributions to our investors in shares, which are excited by the idea of receiving distributions natively in Bitcoin,” said Marr.
