New technology allows for a crypto mining expansion
Texas-based TMGcore says that their technology reduces cooling costs by up to 90%
PLANO, TEXAS – whether they Like it or not, experts in the cryptocurrency industry say that it is not going away any time soon, and as long as it exists, so the need for cryptocurrency mining.
Crypto-mining is a process of solving complex mathematical problems to validate transactions using a digital currency such as Bitcoin, Litecoin or Ethereum. A”miner” solves a problem and checks if a transaction earns small amounts of cryptocurrency.
It is seen as an energy-intensive work, if powerful hardware is needed for the calculation, and which machines, which can quickly become hot, should be kept in the air-conditioned facilities.
However, blockchain technology company TMGcore, says that the use of a more energy-efficient way to get the crypto to me within a 150,000 square foot facility in Plano, about 30 minutes outside of Dallas.
TMGcore the system of centers around this device called a slip. It makes use of two phase liquid immersion cooling technology to crypto mining energy costs.
“This project in particular is about the extend of the bitcoin mining infrastructure here in America,” said Taylor Monnig, TMGcore’s chief operating officer.
Custom ASIC mining boards are placed in these pods. The boards are immersed in 3M Novec, a fluorochemical coolant.
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Monnig noted TMGcore the Two Phase Liquid Cooling Immersion technologies for the success. Instead of using air conditioning to keep equipment cool, the company immerses custom ASIC boards in 3M Novec, a fluorochemical coolant.
“We put these miners in the tank, we fill it with the 3M liquid product, the chips on the board cook, and if she cooks, it keeps the chips at a consistent temperature, the boiling creates a vapor, which then we have these cooling coils…that connect with our cooling towers are outside,” said William Hadala, TMGcore the chief security officer.
The liquid is essentially recycled. Hadala said: “the Water comes through the pipes and in the tanks, and the hr roles and then the vapor and back to a liquid form.”
TMGcore plans to fill the 150,000 square-foot facility with nearly 100 skids in the coming months. When this is completed, the operation will be able a 100 megawatt live load.
The company said the technology dramatically decreases cooling costs by up to 90 percent.
“We are in Plano, Texas now, and the only time that we the air conditioning of June, July, August,” said Monnig.
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For the most part, large-scale crypto mining are located in regions such as the north of China or Russia, where the temperatures are cool and power is cheap. Monnig said their system will now allow for crypto mining to take place anywhere in the world without compromising on the productivity. Their operation, a $77 million investment, will finally be able to draw 100 megawatts. That is enough to power about 50,000 homes.
Yet not everyone is convinced.
“The attempt to mine bitcoin all over the world is consuming fully one and a half percent of the electricity output of the entire United States and are approaching 0.5 percent of the electricity output of the entire planet. That is a huge number,” said Cullum Clark, director of the Bush Institute, SMU Economic Growth Initiative of the George W. Bush Institute.
Additionally, if the prices of cryptocurrency continue to fluctuate, Clark wonders whether the effort that the mine is worth the effort. Last week the price of bitcoin fell to below $6000 to a near 2018 low.
“The market is, if you will, oversupplied,” says Clark.
Clark added, “A large part of the costs takes the form of damage to the environment of eternity consumption of coal and other materials in which the cost to generate electricity.”
For his part, TMGcore said that it is planning to start another mining pool called LEGACYII next year, will exclusively make use of renewable energy.
Clark said for the industry to be sustainable, miners need to adapt.
“We really need to address this issue if the industry is going to have a future,” he said.
Madeleine Rivera is a multimedia reporter based in Houston, Texas.