Bitcoin, the leading cryptocurrency in the market, continues to gain traction among institutional investors. On this occasion, the American oil company Black Rock Petroleum Company announced its entry into the BTC mining industry.
The company indicated that it signed an agreement with Optimum Mining Host Limited Liability (OMH), to host and operate one million bitcoin mining rigs in Canada, according to a statement.
The US oil company explained that, took advantage of restrictions in China against Bitcoin, to move the machines to the American continent.
The facilities to operate the mining equipment will be distributed in three natural gas production sites, specifically located in the province of Alberta, Canada.
In the first instance, they will be sent 200,000 machines to mine BTC, which will operate at the gas plant, Quirk Creek Gas, operated by Caledonian Midstream Corporation.
The second installment will be 300,000 teams and they will be located in a second site in Alberta, while of the remaining 500,000, their location has not yet been defined. The companies also did not disclose the model of the equipment or the amount of the investment made.
Black Rock signed an agreement to acquire Caledonian Midstream Corporation, at the beginning of July
Details of the agreement between Black Rock and OMH
The agreement between both companies, is for 2 years with optional extensions of 12 months with prior notice, highlights the document.
As part of the agreement between the companies, OMH will be in charge of pay electricity supply costs, the host and maintenance services fee, calculated at USD 60 per miner per month.
For its part of Black Rock, it will take care of the installation, service, firmware updates, maintenance and repair of equipment. The company will charge an administrative and management fee of USD 50 per miner per month.
“Maintenance and repairs are limited to exchanging hash boards, fans, or miner configuration changes as the normal course of business,” the agreement highlights.
Black Rock will take care of the installation and maintenance, while OMH will pay the electricity supply costs. Source: photocreo / elements.envato.com
With respect to the supply of spare parts and inventory, OMH shall provide them, based on the number of miners installed and resupplied according to the known failure rate.
Canada, a destination to mine BTC
The movement of Black Rock towards Canada has become a constant among companies that want to take advantage of sustainable energy, such as gas, to operate BTC equipment.
Last March, CriptoNoticias reported that the companies Link Global Technologies, dedicated to mining bitcoins, and Neptune Digital Assets, specialized in blockchain technology, announced the joint construction of a bitcoin mining farm that will run on wind, solar and gas power natural in Canada.
Another mining company that has increased its presence in Canadian territory is Bitfarms. Recently, it signed an agreement with the Chinese manufacturer of mining equipment MicroBT, for the acquisition of 48,000 units of miners to increase its computing power of Bitcoin.
Bitfarms claims to have mined 1,000 bitcoins so far this year with 100% hydroelectric power, as reported by CriptoNoticias.