Merkle Standard, a Bitcoin miner, has established a joint venture with Bitmain, one of the world’s top producers of Bitcoin mining equipment, in order to boost the amount of overall processing power, also known as the hash rate, of its operation from around 0.3 EH/s to 3.1 exahash (EH/s). The computational power has risen by a factor of 900 as a result of the relationship.
Merkle has disclosed that it has increased the capacity of its mining operation at its plant in South Carolina by 40 megawatts (MW), increasing its total mining capacity to 140 MW.
According to the firm, the mining rigs that will be utilised are the most recent models produced by Bitmain. These mining rigs, known as the S19 XP Mining Bitcoin (BTC) or S19J Pro models, are among the most energy-efficient bitcoin mining machines now available on the market.
Because this location has the exclusive rights to an additional 50 megawatts of power, it has the capacity to increase its output to 86 megawatts.
At this location, which is Merkle’s primary mine in eastern Washington, online power output is now at 100 megawatts (MW), and it is anticipated that this number will reach 225 MW by the end of 2023, with a maximum growth potential of 500 MW.
Merkle’s second plant is located in Blue Ridge, South Carolina, and the business has said that it anticipates expanding the facility to a mining capacity of 80MW by the end of the year 2024.
Merkle Standard, a sustainable platform for mining digital assets, made the announcement on the 21st of January, 2022 that they had placed an order for new mining equipment with Bitmain Technologies Ltd. The purchase deal for 13,500 mining rigs from a renowned ASIC mining manufacturer has been finalised and is now in effect.
Many mining businesses have gone to considerable efforts to alter their operations after the value of Bitcoin dropped by 45 percent in June. Some are purchasing mining equipment, some are pausing mine building, while still others are extending projects in response to the market conditions.
Bitfarms was able to pay down their debt after selling 1,500 bitcoins for around $62 million in June and using the money from the sale. In July, CleanSpark proceeded to develop its infrastructure by purchasing 1,061 Whatsminer M30S machines at a significant discount. This was part of the company’s effort to mine cryptocurrencies.