8.2 C
New York
Saturday, July 31, 2021
HomeCryptoCurrencyUS oil company to install 1 million bitcoin miners in Canada

US oil company to install 1 million bitcoin miners in Canada

Bitcoin, the leading cryptocurrency in the market, continues to gain followers among institutional investors. On this occasion, the American oil company Black Rock Petroleum Company announced its entry into the BTC mining industry.

The company indicated that it signed an agreement with Optimum Mining Host Limited Liability (OMH) , to host and operate one million bitcoin mining equipment in Canada , according to a statement.

The US oil company explained that, took advantage of the restrictions in China against Bitcoin , to move the machines to the American continent.

The facilities to operate the mining equipment will be distributed in three natural gas production sites, specifically located in the province of Alberta, Canada.

In the first instance, 200,000 will be shipped BTC mining machines , to be operated at the gas plant, Quirk Creek Gas operated by Caledonian Midstream Corporation.

The second delivery will be 300,000 teams and will be located in a second site in Alberta, while of the remaining 500,000, their location has not yet been defined. The companies also did not disclose the model of the equipment or the amount of the investment made.

Black Rock signed an agreement to acquire Caledonian Midstream Corporation , at the beginning of July

Details of the agreement between Black Rock and OMH

The agreement between both companies, is for 2 years with optional extensions of 12 months with prior notice, highlights the document.

As part of the agreement between the companies, OMH will be in charge of paying the electricity supply costs , the Hosting and maintenance services, calculated at USD 60 per miner per month.

For its part, Black Rock will take care of installation, service, firmware updates , maintenance and repair of equipment. The company will charge an administrative and management fee of USD 50 per miner per month.

«Maintenance and repairs are limited to exchanging hash boards, fans or changes to the miner configuration as the course normal business ”, highlights the agreement.

Black Rock will take care of the installation and maintenance, while OMH will pay the supply costs electric. Source: photocreo / elements.envato.com

With regard to the supply of spare parts and inventory, OMH shall provide them, based on the number of miners installed and restocked based on known failure rate.

Canada, a destination to mine BTC

The movement of Black Rock towards Canada has become a constant among companies that want to take advantage of sustainable energy, such as gas, to operate BTC equipment.

Last March, CriptoNoticias reported that the companies Link Global Technologies, dedicated to mining bitcoins, and Neptune Digital Assets, specializing in blockchain technology, announced the joint construction of a bitcoin mining farm that will run on wind, solar and natural gas in Canada.

Another mining company that has increased due to its presence in Canadian territory, it is Bitfarms. Recently, it signed an agreement with the Chinese manufacturer of mining equipment MicroBT, for the acquisition of 48,000 units of miners to increase its computing power of Bitcoin.

Bitfarms claims to have mined 1,000 bitcoins in what The year goes by with 100% hydroelectric energy, as reported by CriptoNoticias.

Follow World Weekly News on

Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

Leave a Reply

Must Read