Layer1, a cryptocurrency mining firm based in Texas, has traded back its supply of power for eight times its price.
It was reported that the company made 700% gains from the sale of its surplus power supply from their BTC batteries, which they utilize in their cryptocurrency plant in Texas.
During the summer, when there is a high demand for power in the state, the company lowers or ceases cryptocurrency mining to transfer excess electricity supply back to the power grid during the daytime. The surplus heat and small or zero amount of power from wind plants on some particular days made the Texas-based cryptocurrency mining firm accumulate about 700% in gains by leveraging the cost of electricity in the area, which is way above $200 per mW/h.
The CEO of the firm stated that it's like they were being paid to mine BTC.
The company located in the west of the state, where about 15% of power is supplied by wind plants, BTC mining firms such as Layer1 have a feasible business option as power farms.
Source: Cointelegraph
