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EcoChain is a profitable subsidiary of Mechanical Technology Inc. (NASDAQ: MKTY)
Takeaways
– Cryptocurrency data centers require enormous amounts of electricity. Access to inexpensive renewable energy is vital.
– North American locations are valuable to help counter environmental, geopolitical, economic and supply chain concerns.
– EcoChain is meeting the needs of crypto miners with a focus on environmental, social and governance factors.
– In 2021, EcoChain will expand its floorspace, electrical capacity and computing horsepower.
Powering high-power computing
NEW YORK, Aug. 5, 2021 /PRNewswire/ — EcoChain builds and operates ultra-low-cost green data centers for cryptocurrency mining. These centers are complex ecosystems of enterprise-grade equipment that require extensive electricity.
The crypto mining industry is facing several new challenges.
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China’s recent measures against miners. Miners leaving China are in search of data centers with adequate power, security and guaranteed uptime.
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The chips needed to operate a high hashrate computer used for mining are in short supply.
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Bitcoin, the most-mined digital asset, is given to wild price swings, and can be more expensive to mine than to buy.
EcoChain provides solutions to common industry problems. The company’s US-based centers offer access to renewable energy, adequate rack space, service levels and S19 hardware.
EcoChain’s sweet spot
EcoChain is ideally positioned to take advantage of China ‘unplugging’ from crypto mining, acquiring lightly used mining equipment and finding new places to plug it in. The company, recently signed a 25-year lease on a US-based property that will initially deliver 12 megawatts of renewable energy. EcoChain is working to secure another 10 megawatts at a second property, and MTI is studying opportunities to bring another 100 megawatts online. EcoChain forecasts that it will have 50 megawatts online by year’s end.
Generating revenue
As MTI’s most profitable unit, EcoChain generated revenue of $1.7 million and contributed $1.3 million in earnings in Q2 2021 – 41% more income than forecast.
Disclaimer
This communication was produced by PCG Digital Holdings, LLC, an affiliate of PCG Advisory Inc., (together “PCG”). PCG is not a registered or licensed broker-dealer nor investment adviser. No information contained in this communication constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. PCG may be compensated by respective clients for publicizing information relating to its client’s securities. See www.pcgadvisory.com/disclosures.
PCG Digital
info@pcgadvisory.com
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View original content:https://www.prnewswire.com/news-releases/ecochain-leads-crypto-minings-us-growth-adding-megawatts-of-renewable-capacity-mechanical-technology-inc-featured-in-pcg-digital-tech-watch-301348979.html
SOURCE PCG Digital
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