Miners have been known to migrate to countries like Iceland and cities like New York, due to mining’s heat intensive requirements. The Texas-based blockchain-based platform, TMGcore is all set to alter the location dependent mining operations. The company uses custom-built mining rigs and tested cooling method to ensure mining operations are independent of location. The company will soon shift its base to a 150,00-square-foot-data center in the city of Plano, Texas.
TMG core will use a two-phase liquid immersion to reduce the high level of heat produced by mining. The equipment will be immersed in the cooling liquid, which will absorb heat and convert it into gas and then eventually into liquid. One of the TMGcore’s investors bought the data center in Plano for $60million.
TMGcore will necessarily compete with Bitmain, a leader in the mining sector. Chris Herrmann, who helped broker the Plano deal, gave his point of view:”They’re interested in this market because power costs are low enough to make their model work. When you look at their costs, the major variable is the cost of power. And with power prices being at historic lows in Dallas, we now have one of the few markets where the crypto guys can make it work.”
Industrial Power in Texas costs just $56 per megawatt hour, more than $1 cheaper than the national average.
Curt Holcomb, a data center solution co-lead for JLL, explained: What we’re seeing here is a lot of interest from companies who are doing Bitcoin mining, we’re seeing a lot of inquiries into the market, but we haven’t seen a whole lot of deals get done. The most prevalent interest we have is from Bitcoin miners, and that segment is one that’s not very well-funded.
Touching on blockchain specifically, Holcomb added: We’re still in the early stages. A lot of the data center operators are looking at it, but until the profile of the users improves, we’re not gonna see that many deals.