Swiss mining company White Rock Management announced today that it is moving to the States and more specifically to Texas, in the Brazos Valley.
Texas attracts White Rock Management
In this region, the company will be able to produce natural gas from oil wells in the area and then use this energy to do mining, thanks to a partnership with the company NGON.
The company’s headquarters will still remain in Switzerland.
Obviously, this change to more environmentally friendly mining will bring several benefits such as, for example, reducing fossil gases by recycling as much as 82 million cubic meters of natural gas per megawatt and reducing methane in the atmosphere by up to 4 million cubic meters per megawatt.
Andy Long, CEO of White Rock Management, explained:
“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. The launch of our first U.S. mining operation strengthens our position as an emerging player in the global digital asset mining industry”.
The company is equipped with state-of-the-art ASIC chips supplied by partner and industry leader Bitmain, the market leader in this type of mining hardware.
White Rock is also based in Sweden where it reaches a total capacity of 30 MW. After the start of operations in the United States, its total hashrate is expected to reach over 1.6 EH/s.
Serhiy Tron, Founder of White Rock Management, said the following:
“We are in expansion mode, actively exploring additional locations throughout the United States and elsewhere in North America, Europe and Latin America with favorable business and political environments. 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”.
Mining in Texas
Since the summer of 2021, the US state of Texas has already been making inroads as a hub for crypto mining, since the cost of energy is low because of high production due to oil. As a matter of fact, Texas is also where Argo Blockchain is based.
In addition, Texas has been working on renewable energy production for some time, and in 2019 clean energy production already made up 20% of the total.
Then, in September 2021, a famous meeting was also held in Houston between oil and miners to discuss possible collaborations to be able to mine in the country, taking advantage of natural gas reserves.
Mining and the laws of MiCA
Ever since Elon Musk tweeted about the pollution problems caused by Bitcoin mining – even though the issue was already on the table – everyone has been worrying about it. Not least the Markets in Crypto Assets (MiCA) regulation for Europe, which is supposed to ban, or at least limit, mining because of its “severe” environmental impact.
In fact, from recent studies, the banking system around the world consumes far more than Bitcoin does. The Nasdaq released a study in late June showing that Bitcoin is 50 times more sustainable than the entire banking system.