White Rock Management, a Swiss-based crypto mining company, announced it would be expanding into the United States, starting in Texas.
In an announcement Tuesday , White Rock said the company would partner with Natural Gas Onsite Neutralization (NGON). NGON captures natural gas that would otherwise be burned and converts it into energy for use in Bitcoin ( BTC ) mining. White Rock wants to use NGON's facility and mine BTC using "green" methods.
According to Andy Long, White Rock's CEO, the company plans to expand its BTC mining to more regions where it is possible to get energy from natural gas outside the state's power grid. The company has been mining crypto from data centers in Sweden since November 2021 and announced its US operations will initially have a capacity of 3 megawatts. The company's total hashrate is said to be over 1.6 EH/s.
The recent market decline, which has seen Bitcoin's price fall over 28 percent in the past 30 days, could impact crypto miners' profits. Cointelegraph reported on June 10 that the “raw” cost for miners in North America would be around $22,000 per bitcoin. If you add up all the costs, you sometimes get over 30,000 US dollars. Many mining companies in the region, including Bitfarms, have reported selling some of their BTC holdings amid the bear market .
It's unclear how the current volatility will affect White Rock's operations in Texas. Long told Cointelegraph that the company has "been able to mine profitably in bear and bull markets." That's partly because the company has the latest generation of equipment.
"Our facility in the US is a perfect complement to our Swedish facilities, which are 100 percent hydro-powered. We see a great opportunity in the current turbulent market conditions," Long continued. "We anticipate there will be attractive M&A and consolidation opportunities between public and private miners."
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