White Rock Management, a Swiss mining company has announced that they will deploy its first Bitcoin mining operation in the U.S. The facility will be located north of Houston at Brazos Valley and will be powered through by-product natural gas from active oil wells.
Serhiy Tron, Founder of White Rock Management, believes that this step is only the first of many for the company and specified that White Rock is currently looking at different merger and acquisition opportunities to the Bitcoin mining industry. Tron also stated:
We are in expansion mode, actively exploring additional locations throughout the United States and elsewhere in North America, Europe and Latin America with favorable business and political environments.
NGON is a green energy services and technology company that is committed to reducing methane and carbon emissions. NGON will help White Rock capture emitted gasses from oil wells through environmentally friendly mitigation services. This will ensure that wasted energy is directly powering the company’s Bitcoin mining operations.
Andy Long, CEO of White Rock Management stated:
The Brazos Valley mine is the first of several grid independent facilities we are planning in Texas that will utilize by-product natural gas from active oil wells, turning waste into a reliable, non-grid energy source…The launch of our first U.S. mining operation strengthens our position as an emerging player in the global digital asset mining industry.
With this partnership, White Rock continues to achieve its goal of mining Bitcoin in an environmentally friendly manner. By using natural gas that would otherwise have been flared into the atmosphere, the company is able to convert that wasted energy into Bitcoin. This process alone recycles around 82 million cubic feet of natural gas per megawatt.
Additionally, this process reduces methane venting into the atmosphere. It is estimated that White Rock and NGON will prevent an estimated 4 million cubic feet per megawatt of environmentally harmful methane from being vented annually.