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Aspen Creek Digital Corp., a new bitcoin miner, has begun mining at a six-megawatt solar-powered plant in western Colorado despite the weak market for cryptocurrencies. Aspen Creek was established in January, and its mining facility is co-located at a 10-megawatt-capacity solar farm. According to a statement shared with CoinDesk, the company plans to begin mining bitcoin at its data center and sell computer services to other businesses.
The Colorado data center will house S19 bitcoin mining machines besides 75,000-square-foot research and development center and fulfillment center. Aspen Creek's computer infrastructure will utilize the facility as a central center for testing, maintenance, storage, and training.
Existing miners find it challenging to remain profitable because of the decrease in cryptocurrency prices, rates nearing all-time highs, a tightening financing market, increasing power costs, and supply chain concerns.
CEO Alexandra DaCosta stated that the business could generate sufficient funds to acquire the necessary switch gears and transformers for 240 megawatts of capacity. “We wanted to make sure that we had the appropriate infrastructure on hand to build out our first phase. So for our projects, now we have more than enough,” she said at CoinDesk.
Galaxy Digital (GLXY), a provider of crypto-centric financial services, was so pleased by the miner’s management team and “power first” philosophy that it decided to host some of its miners in Aspen Creek’s Colorado location.
Amanda Fabiano, head of mining at Galaxy, told CoinDesk, “The best time to build is a bear market, and people shouldn’t be afraid of the market conditions, they just have to make sure that they’re doing it appropriately and effectively.”
Fabiano stated that she had witnessed several miners attempt to acquire capital before searching for operation locations and power supplies. Aspen Creek, on the other hand, implemented the electricity and infrastructure first.
“She [DaCosta] took the problem of mining and spun it on its head and looked at it from a different perspective, which is really special,” Fabiano remarked.
Aspen Creek is also constructing bitcoin mining facilities in Texas. Its second facility, expected to be online this summer, is a 30-MW data center with the capacity to house 10,000 ASIC (application-specific integrated circuit) miners, co-located behind the meter with an 87-MW solar farm. A third proposal is a 150-MW data center co-located with a 200-MW solar farm.
Although the miner’s activities will be fueled by solar energy, they will remain linked to the grid so that they may supply electricity back to the grid if they so choose. When asked about the Electric Reliability Council of Texas’s (ERCOT) latest requirement for new large-scale miners to seek permission before connecting to the grid, DaCosta stated that her company had already completed the procedural requirements for its second site and is currently conducting the necessary work for its third site.
Aspen Creek stated that it could determine the power sources with its partners’ expertise in constructing infrastructure for renewable energy generation. The renewable power developers are also members of the miner’s founding group and firm shareholders.
As regulators worldwide investigate miners’ energy use, an increasing number of miners are attempting to employ renewable energy sources to power their operations. Blockstream and Block (SQ) recently announced that they are constructing a prototype cryptocurrency mine in Texas powered by a Tesla (TSLA) solar array and batteries.