Cuentas Launches Methane-Powered Bitcoin Mining Project in West Texas
Cuentas Inc., an oil and gas company, is partnering with Power Upp USA to launch a Bitcoin mining project in West Texas using methane-powered electricity. This project will utilize electricity generated from associated gas from oil-field operations, reducing reliance on conventional utility power.
The planned Phase 1 of the project contemplates one containerized mining unit with about 2.4 MW of contracted power and approximately 420 ASIC miners. Cuentas estimates that this phase could produce about 1.5 BTC per month at current Bitcoin prices, implying around $130,000 in monthly revenue and up to $43,000 in profit.
The Phase 2 plan is scheduled for up to 10 containerized units with approximately 24 MW of power and about 4,200 ASIC miners. At current prices, this phase is estimated to yield around $1.3 million in monthly revenue and about $430,000 in profit when fully deployed.