Black Rock Oil Company Plans to Install 1 Million Bitcoin Miners
Black Rock Oil Company Plans to Install 1 Million Bitcoin Miners By Editor DiarioBitcoin

Black Rock Petroleum Company signed an agreement with Optimum Mining Host to deploy and operate up to 1 million Bitcoin

mining machines.

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Switching the business from oil mining to Bitcoin mining? It is not a change that will happen overnight, but it is striking the decision of an oil company that, in addition to extracting the so-called “black gold”, has decided to engage in Bitcoin

mining. Foreseeing a future where hydrocarbons are dispensable?

Black Rock Petroleum Company, based in Nevada, reached an agreement with Optimum Mining Host to implement and operate up to 1 million Bitcoin

mining machines.

The miners would be housed in the province of Alberta, Canada, and would originate in China, it reported in a press release in July, but today CBC,

Canada’s largest public media company, revisited the topic throwing astronomical numbers at it, too.

Black Rock ‘s proposed mining operation will encompass three natural gas production sites located in Alberta. The first 200,000 machines will be deployed at the Quirk Creek gas plant, a planned acquisition recently announced by Black Rock

. The firm has planned to allocate 300,000 machines to a second site in Alberta, with the remaining 500,000 allocated to a third site yet to be identified.

Black Rock CEO Zoltan Nagy commented, “The Quirk Creek property is perfectly located to serve these markets. Current production levels are good and our engineers have examined the property’s historical production records and analyzed recent reserve evaluations, and we are confident that we have the expertise, technology and resources to materially increase production and, in turn, site cash flow. and host and operate bitcoin miners at an energy cost of around three Canadian cents per KWH.”

Huge number of miners

The contracted term between Black Rock and Optimum Mining is two years, with an option to extend for 12 months with notice. As noted by CBC, no timeline has been established for this agreement. CBC also reported that the bitcoi mining engineer.

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Brandon Arvanaghi, said he was “skeptical” about the “astronomical” number of miners Black Rock proposes to install.

Arvanaghi continued, “The logistics of getting such a large number of mining rigs into rural Alberta would be a challenge.”

In fact, Charles Selby, president of Caledonian Midstream Corporation, commented, “Given our current gas production, a more reasonable number of miners would be 10,000 rather than the 200,000 mentioned in the press release.”

If they can deliver on this plan, Black Rock’ s optimistic projections point to the large outflow of mining machines from China. Many miners are moving to new, stable sources of energy in the wake of China’s ban. If Black Rock managed to install and operate 1 million bitcoin miners, it would run the equivalent of one-third of the current global mining capacity.

In fact, last month Marathon, one of North America’s largest mining companies, reported the acquisition of an additional 30,000 miners, bringing the total number of miners to 133,000. Bitcoin in North America, reported the acquisition of an additional 30,000 miners, to complete 133,000 pieces of equipment. Already that was considered by many to be a significant amount. So this number is incredibly higher.

Meanwhile, more and more miners continue to come out of China, given the restrictive measures by the government and regions.

Sources: CBC y Bitcoin Magazine

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