BitFrontier Capital Holdings, Inc. has announced that it has signed a ground lease on approximately 1.3 acres of industrial land, with 1 acre being fenced in and secured to build its cryptocurrency mining facilities.
BitFrontier Capital Holdings is a blockchain-oriented Company focused on the cryptocurrency markets. It plans on expanding operations in the Bitcoin mining industry and see great potential in this rapidly expanding sector.
Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new Bitcoins are released.
According to the technology company, it opted to lease the industrial land needed to begin construction on its Cryptocurrency mining facilities instead of purchasing the land to lower the capital requirements to get up and mining as soon as possible.
It said the money it would have used to purchase the land can now be used to immediately begin construction of its first facility.
Features Of BitFrontier’s New Land
The company said the building site was selected over other potential locations for several key factors. It cites the average cost of industrial electricity in the area is 6.53c/kWh. With industrial rates in in the U.S. ranging from 4.13c/kWh to 30.82c/kWh, it said the site puts the company under the national average cost of industrial electricity in the U.S. providing greater profit margins for its mining operations.
In addition, the average temperature is approximately 53°F, which is more than optimal for operating mining equipment. This means that the company will not be required to run costly air-conditioning equipment for the miners, and instead will have an evaporative cooling system, which will cut the electrical costs for cooling the miners significantly compared to traditional air-conditioning.
BitFrontiers is also banking on the large enough size of the land to accommodate four of its mining facilities. So far, it has already been approved for industrial operations, which should facilitate easy access to building and operating permits. On top of that the leasing entity has expressed interest in selling the property to us in ten years when the lease expires.
In the meantime the company has been working to get the land cleared and ready to build on over the past few weeks and are in the final stages with only a few old concrete slabs left at this point.
Once the land has been cleared, BitFrontier says it will be ordering the first prefabricated metal warehouse, and soon after hire the necessary contractors to lay the foundation and erect the prefabricated metal warehouse when it arrives on site.