With the ever-increasing demand for cryptocurrencies, Blockware Solutions is looking for crypto mining sites with a sufficient power supply to run them. Warren Rogers, the chief strategy officer at Blockware Solutions, says they are trying to digitize coal. Presently, the company is installing Chinese-made bitcoin-mining machines and electrical cables to power up the mine.
Rogers acknowledged the American state, Kentucky offers cheap property and electricity. Blockware Solutions expects its mine to produce at least three bitcoins per day. This is worth around $120,000 based on BTC’s current market value.
Whilst cryptocurrencies are being adopted at a fast pace, crypto mining remains in the red because it consumes huge amounts of electricity. Governments and environment activists have time and again raised concerns about crypto mining’s social, environmental, and economic impact. Environmentalists believe bitcoin mining operation utilizes more energy than all the households in Belfry. But crypto mine operators say their operations inject adequate investments to benefit the local economy.
Rogers highlighted that Blockware Solutions would hire up to 10 full-time employees for its Belfry mine. The employees would be paid $23 per hour, or nearly thrice the state’s (Kentucky) minimum wage. The US has seen a boom in crypto mining operations. Crypto investors from New York, Texas, and San Francisco are looking beyond states for suitable mining sites. Reports say the investors are forming local companies to take advantage of abundant power supply and cheap land, and properties in the Appalachian region.
Georgia is also transforming into a crypto mining hub. Crypto miners in this southeastern state by January-end in 2022, accounted for 34% of the computing power in the Foundry USA mining pool.