‘We’re getting paid to produce Bitcoins’ reveals Texas BTC miner
According to a Sept. 1 Bloomberg report, Layer1 reported nearly 700% profits from selling excess electricity from its 'Bitcoin Batteries' - large-scale energy storage systems used on the firm’s crypto farms in Texas. When the power demand for air conditioning is highest in Texas — where it’s regularly above 37 degrees Celsius (100 in Fahrenheit) in the summer — Layer1 reduces or stops crypto mining as needed to send any unused power back onto the grid during the day.
Uniquely positioned in west Texas, where wind farms supply more than 15% power to the entire state — the highest proportion in the country — Bitcoin (BTC) miners like Layer1 have a viable alternative business as power plants. Layer1’s foray into crypto mining is part of its overarching plan to return 30% of Bitcoin’s total hashrate power back to the U.S. by 2022.
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