North America to Become Cryptomining Central Now That China Miners Have Gone Dark - Seite 3
Ramp to $100 Million in Revenue
This month, ISWH expanded into Georgia with the finalization of a land lease development agreement. The agreement grants ISWH full use of a first-phase, seven-acre parcel of property tailored for cryptocurrency mining operations, complete with access to energy resources capable of powering over 100 megawatts (MW) of mining capacity. Phase 1 will consist of approximately 20 MW of power deployed across 20 of the latest-generation 1-MW POD5 units expected to initially generate $10 million in annual revenue.
"This agreement puts us in position to scale up into a top-five global cryptocurrency mining position by volume," said Pierce. Regarding companies emigrating from China, Pierce notes that ISWH is already taking calls from companies looking for a scalable new home. He added that the goal is to execute on a strategy to deploy 100 MW that will generate $100+ million per annum.
POD5s, Pools and Plans
Visually, POD5s are similar to a high-tech shipping container. A closer look shows they are cutting-edge technology systems including racks of customized Bitmain computers utilizing renewable energy resources built on high-resistance steel. The result are units that maintain a favorable year-round climate with efficient electricity, making it a suitable structure for harsh environments at a much lower cost and faster build out.
The first generation POD was developed in 2017, while gen 3 was produced in 2020. With its new larger facility now operational, Bit5ive has a target of adding 100 new POD5s to its portfolio by the end of the year.
Going forward, the partners intend to join a mining pool, a group of miners that share processing power over a network to maximize profits. Bit5ive obviously has a close relationship with Bitmain, so its Antpool is a possibility, but there are many to choose from that have potential to benefit from the JV's assets. In a Waypoint podcast, Bit5ive owner Collazo opined that there is no longer value in tackling mining individually because of the poor risk/reward dynamics. "We will definitely be using a pool. There is no doubt about that," he said.