In 2021 alone, production has exceeded 4.3 Bitcoins, the company said. Bitcoin prices escalated to as high as $34,366 over the holiday weekend, and the company’s mining has resulted in roughly $873,000 of revenue since the closing of the transaction.
“We believe in taking a big-picture approach in how we view Bitcoin values with a focus on profitability,” CEO Zach Bradford said in a statement.
“Conservatively, based on our all-in costs including energy, rent, personnel and overhead, the company can realize a profit whenever Bitcoin values are above $6,000 per coin. We anticipate that as we scale up our deployment of energy assets and software, we can decrease our total cost per coin to even lower levels.”
Bitcoin traded at nearly $32,180 Tuesday morning.
“As prices fluctuate, the company’s focus is on the variables within our control; such as expanding the fleet of miners, and maximizing the renewable energy usage,” Bradford said. “We anticipate completion of our near-term expansion within the coming weeks adding 1,500 more ASICs miners in January. We will continue to provide periodic updates as we make additional progress on our expansion plans with the intention of increasing production at our Atlanta facility from the current approximately 15 MW to more than 50 MW. All of this is to swiftly move towards our goal of mining bitcoins at the lowest energy cost in the United States.”
ASIC (application-specific integrated circuit) miners are devices designed to mine digital currencies, including Bitcoin.
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