White Rock is partnering with a sustainable energy infrastructure provider to capture excess natural gasses released from oil wells to mine bitcoin in Texas.Bitcoin mining company White Rock Management is opening a mining facility in Texas and looks to expand further. The facility will capture excess natural gasses from onsite oil operations to power the facilities with sustainable energy.To facilitate the capturing of excess natural gas, White Rock partnered with NGON Solutions.
White Rock Management, a global bitcoin mining company, is opening a U.S. bitcoin mining facility in the Brazos Valley region of Texas, according to a press release.
"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 launch of our first U.S. mining operation strengthens our position as an emerging player in the global digital asset mining industry."
Initially, the company’s operations will be powered through the aforementioned by-product of natural gas taken from active oil wells that will be found onsite. What would typically be excess, or wasted gas, is diverted from the oil wells to be utilized by bitcoin mining operations. To accomplish this, White Rock partnered with NGON Solutions - a sustainable energy and technology company who will facilitate the process.
Furthermore, the practice of capturing these flared gasses is expected to prevent an estimated 4 million cubic feet per megawatt (MW) of methane release which damages the environment, according to the release.
In addition to the Texas facility and the partnership with NGON, White Rock has planned an aggressive roadmap.
"We are in expansion mode, actively exploring additional locations throughout the United Statesand elsewhere in North America, Europe and Latin America with favorable business and political environments," said Serhiy Tron, founder of White Rock Management. "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."
Currently, White Rock has a 30 MW capacity with its sustainable data centers in Switzerland. Following the installation of the U.S. facilities, total hash rate is expected to exceed 1.6 exahashes per second (EH/s).