WhiteRock Management, a Swiss-based cryptocurrency mining company, is expanding its wings in Texas. Mining companies aim to expand their operations nationwide, including Texas in the Brazos Valley region.
White Rock announced on Tuesday that it will partner with Natural Gas Onsite Neutralization (NGON). NGN uses natural gas and burns it to convert it into energy. This energy is used by White Rock to mine cryptocurrencies. The company said it would use a responsible and environmentally friendly method to mine BTC.
Eco-friendly methods help reduce methane emissions and reduce fossil fuel use by switching to more environmentally friendly methods.
The establishment of Whiterock in Texas is part of a larger expansion
The establishment of a company in Texas is only the first move that is part of a much broader expansion. This is to expand the business that the company can convert natural gas into and use as energy for the company’s business.
The company announced that its business in the United States initially has a capacity of 3 MW and aims to reach an overall hash rate of 1.6 EH / s or higher. The company began mining cryptocurrencies at its Swedish data center in November 2021.
Falling crypto prices in a bearish market have hit miners affecting their profits. Some mining companies, such as Bitfarm, reportedly sell BTC and holdings mined due to harsh market conditions.
The exact revenue model for White Rock and how it plans to open a factory in Texas to survive the bear market is unknown at this time. The company also plans to expand to Europe, Latin America, and North America. We also aim to seize potential M & A opportunities within the industry.