Texas crypto miner operator Layer1 Technologies has been capable of promote again its energy provide for 8X the value.

According to a Sept. 1 Bloomberg report, Layer1 reported almost 700% income from promoting extra electrical energy from its ‘Bitcoin Batteries’ – large-scale vitality storage programs used on the agencys crypto farms in Texas.

When the ability demand for air con is highest in Texas the place its commonly above 37 levels Celsius (100 in Fahrenheit) in the summertime Layer1 reduces or stops crypto mining as wanted to ship any unused energy again onto the grid through the day. The extra warmth coupled with little-to-no energy from wind farms on sure days hasallowed Layer1 to reap as much as 700% in income, by benefiting from energy costs within the space exceeding $200 per megawatt-hour.

Were getting paid to produce Bitcoins, mentioned Layer1 co-founder and CEO Alexander Liegl.

Uniquely positioned in west Texas, the place wind farms provide greater than 15% energy to all the state the best proportion within the nation Bitcoin (BTC) miners like Layer1 have a viable various enterprise as energy vegetation.

Its all a part of the plan: Liegl said earlier this yr that Layer1 can be specializing in promoting electrical energy through the summer time months fairly than crypto mining. The mining rigs will not be cooled by air, however fairly suspended in a non-conductive liquid.

Layer1s foray into crypto mining is a part of its overarching plan to return 30% of Bitcoins complete hashrate energy again to the U.S. by 2022. Liegl says the corporate will quickly set up 50 containers close to Midland, able to producing 100 megawatts of electrical energy and mining 27 BTC every single day, or greater than $320,000 value on the time of writing.