Bitcoin mining company White Rock Management deployed its first miners in the US, in a facility north of Houston, Texas.
The Swiss-based company partnered with mobile data center provider NGON, which specializes in capturing natural gas that would otherwise be flared to power up mining operations.
Other players in this space include Crusoe, which has partnered with oil and gas behemoth Exxon in the past to run a pilot project in North Dakota.
They classify this type of mining as an environmentally-conscious option because it uses excess natural gas that would be wasted, as opposed to taking power from the grid. Per White Rock Management's calculations, it recycles approximately 82 million cubic feet of natural gas per megawatt.
“The Brazos Valley mine is the first of several grid-independent facilities we are planning in Texas that will utilize by-product natural gas from active oil wells, turning waste into a reliable, non-grid energy source,” said Andy Long, CEO of White Rock Management.
The company is also considering expanding to North America, Europe and Latin America, as well as mergers and acquisitions.
"We are also seeking potential M&A opportunities within the bitcoin mining industry, as the current market environment is conducive to both M&A and strategic partnerships," said founder Serhiy Tron.
The company's other existing bitcoin mining facility is in Sweden and has a capacity of 30 megawatts.
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