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Adding to the increasing number of major cryptocurrency facilities in the global crypto ecosystem, the Denver-based energy company Crusoe Energy Systems is set to launch a new Bitcoin mining farm after raising $70 million.
Crusoe Energy Systems is well known for its role in the oil and gas industry. As a matter of fact, the company is looking to help mitigate gas flaring by channeling this wasted energy to its new Bitcoin mining facility.
With concerns about the huge amount of natural gas that gets wasted during flaring, the firm believes that re-purposing the energy is just what the oil and gas industry needs right now. According to information by the World Bank’s Global Gas Flaring Reduction Partnership, the amount of gas flared annually in the US is sums up to 497 billion cubic feet, which is more than enough to power over 10 million homes.
The CEO of Crusoe Energy System, Chase Lochmiller, revealed that they plan to install 70 gas-to-computing units next year. Each of these units is expected to hold up to 1 megawatt (MW), making it 70 MW after completion.
Furthermore, Lochmiller revealed that the firm already raised $70 million in a just-concluded fundraising. The fundraising, which was divided into two series, saw a huge turn up from big players including Winklevoss Capital.
In the first round focused on equity funding, the firm was able to raise $30 million with backing from big shots such as The KCK Group, Bain Capital Ventures, Winklevoss Capital, Peter Thiel’s Founders Fund, and Polychain Capital. The second round for project financing was especially dominated by Upper90 and saw a total of $40 million.
More Crypto Innovation in the US
The rapid rate at which top players in the US are embracing cryptocurrency, especially Bitcoin(BTC)trade, is actually admirable. This wouldn’t be the first time a global firm is venturing into Bitcoin mining in the US. You will recall that Bitmain launched what it tagged the world’s largest Bitcoin mining facility in Texas just a few weeks back. And that is not all of it. Northern Bitcoin AG and Whinstone US Inc. also joined hands to create a 100-acre farm for Bitcoin mining.
It seems that the United States is gearing up to claim the first position in the crypto world. Although the early days of cryptocurrency were lined with a ton of criticism and skepticism, it appears that a lot more citizens and even some public officials in the US are beginning to embrace this new wave of financial technological development – even the folks in Silicon Valley and Wall Street.