Cold Climate Not Necessary For Crypto Mining, Claims Texas
Mining cryptocurrencies can be quite profitable, but also intensive when it comes to heat and power alike. And while miners prefer conducting mining operations in cold climates, Texas-based platform TMGcore claims that doing so is not necessary.
Texas Firm Created A New Cooling System
As per recent reports issued by Dallas News, a blockchain-based platform from Texas, TMGcore, claims that mining cryptocurrencies does not have to depend on a specific environment. According to them, using different kind of mining rigs, like the one they have, which is custom-built, in combination with a special cooling method, can allow mining operations at any location.
The company has even decided to move to a new data center located in Plano, Texas, where they plan to set up shop. This move will definitely prove their point.
TMGcore has managed to come up with a rather unique cooling system, which uses a process that requires two-phase liquid immersion cooling. This is necessary due to the large heat levels that crypto mining creates. Basically, the equipment will have to be immersed in a specific cooling liquid which will be used for absorbing the heat, and then turning it into gas, which will eventually turn to liquid again.
J.D. Enright, the CEO of TMGcore, has stated that this change might have an extremely large impact on the system. According to him, the change will completely eliminate the necessity for a specific geographic location that would provide cooling by air. Additionally, the company has already also eliminated up to 90% of the cost that usually followed air-cooled mining methods.
The data center in Plano, where the company is planning to set up shop soon, was already bought by Pinchal & Co, which is one of the investors of TMGcore.
Low Cost Of Power Attracts More Miners
A lot of people is seeing the mining of Bitcoin (BTC) synonymously with the company called Bitmain. The company is one of the biggest entities invested in the mining sector. This also leads to some contradiction, considering that Bitcoin is made to be a decentralized system, with a centralized entity now being the biggest player in the mining game.
This is something that TMGcore is hoping to change in the near future. The Plano deal broker, Chris Herrmann, commented on this, saying that the company's interest in the market comes due to the fact that power costs are low enough to be manageable. The price of power, especially in Dallas, has reached historic lows, with the industrial power's cost being over $1 cheaper than what it costs on average on the national level.
The company that built the Plano center, Skybox Data Centres, has already made plans that include the creation of another new facility. The new facility will be built in 2019, which shows a significant increase when it comes to mining in Texas. Even so, this is seen as only another small step on the long road ahead.
According to the co-lead for data center solution, Curt Holcomb, the company has noticed an increase in interest from various BTC mining firms. The market has received a lot of new inquiries, but not that many deals have been done as of yet. The biggest interest comes from those willing to mine Bitcoin, which is not exactly a well-funded segment of the mining industry.
He also talked about the situation surrounding the blockchain technology, stating that the company is still in the early stages for that. There are many data center operators that are interested in that aspect and are even considering it. However, they still need to see an improvement in the user profile, and until then, not that many deals are expected to be made.