Dec 02, 2022 | Posted by MadalineDunn
Cipher Mining, Inc., a U.S.-based bitcoin mining company, has begun bitcoin mining operations at its Odessa data center in Texas.
"We are delighted to announce that our Odessa data center has begun bitcoin mining operations just 10 months after we broke ground at the site," said Tyler Page, CEO. Adding: "The start of mining at Odessa represents a critical step in Cipher's journey to become a market leader in the U.S. bitcoin mining industry. Since going public in 2021, we have built four data centers in Texas and are now one of the lowest cost producers of bitcoin."
Page noted that due to its long-term, fixed price power contract at Odessa, it also has an advantage that "few other bitcoin miners have," which is the flexibility to mine bitcoin or resell its power to the market, which he said can help mitigate the effects of falling bitcoin prices.
This takes the company's operational facilities to four, with its total capacity expected to increase to 267 MW by early 2023.
While some argue that cryptomining isn't quite as bad as it used to be, cryptomining operations suck up huge amounts of energy. According to official statistics, Bitcoin alone consumes an estimated 150 terawatt-hours of electricity annually, more than Argentina. Increasingly, states in the U.S. are recognizing the danger posed by big cryptomining operations, and recently New York temporarily banned cryptomining. Moreover, it was only in July that concerns were raised over Texas' fragile grid and its ability to withstand the crypto boom.
"We are delighted to announce that our Odessa data center has begun bitcoin mining operations just 10 months after we broke ground at the site," said Tyler Page, CEO. Adding: "The start of mining at Odessa represents a critical step in Cipher's journey to become a market leader in the U.S. bitcoin mining industry. Since going public in 2021, we have built four data centers in Texas and are now one of the lowest cost producers of bitcoin."
Page noted that due to its long-term, fixed price power contract at Odessa, it also has an advantage that "few other bitcoin miners have," which is the flexibility to mine bitcoin or resell its power to the market, which he said can help mitigate the effects of falling bitcoin prices.
This takes the company's operational facilities to four, with its total capacity expected to increase to 267 MW by early 2023.
While some argue that cryptomining isn't quite as bad as it used to be, cryptomining operations suck up huge amounts of energy. According to official statistics, Bitcoin alone consumes an estimated 150 terawatt-hours of electricity annually, more than Argentina. Increasingly, states in the U.S. are recognizing the danger posed by big cryptomining operations, and recently New York temporarily banned cryptomining. Moreover, it was only in July that concerns were raised over Texas' fragile grid and its ability to withstand the crypto boom.
