PowerCompute Doubles Down on Mining with 940 New Miners
PowerCompute has placed an order for 940 additional Bitcoin miners to refresh its fleet. The company expects the new machines, which will be installed at two sites, to increase its hashrate by 11.8% above its June 30 level by October.
The order follows an initial purchase of 1,000 units and brings PowerCompute's total miner count to 1,940. The company estimates that the new machines will have a combined acquisition cost of around $400,000, which it plans to fund with cash and Bitcoin holdings.
PowerCompute expects the first 1,000 units to be installed in Oklahoma by September 30, while the additional 940 machines are scheduled for installation in Mississippi in October. The company forecasts that its fleet will reach a hashrate of 862 petahashes per second once both batches are installed.
The new miners, which are Bitmain Antminer S19 XP units, have an average rating of 132 terahashes per second and are expected to replace older machines with lower ratings. PowerCompute estimates that the upgrade will increase its energy efficiency by around 21.5 joules per terahash.
According to the company's forecast, the new miners will generate around $1.2 million in annual incremental revenue capacity at a hashprice of $40 per petahash per second per day. However, it's worth noting that actual revenue will depend on various factors, including network conditions and Bitcoin's price.