Bitcoin, the market leader cryptocurrency, continues to gain followers among institutional investors. On this occasion, the American oil company Black Rock Petroleum Company, announced its entry into the BTC mining industry.
The company indicated that it signed an agreement with Optimum Mining Host Limited Liability (OMH), to host and operate one million bitcoin mining equipment in Canadaaccording to a statement.
The US oil company explained that, took advantage of restrictions in China against Bitcoin, to move the machines to the American continent.
Facilities to operate mining equipment will be distributed in three natural gas production sites, located specifically in the province of Alberta, Canada.
In the first instance, they will be sent 200,000 BTC mining machines, which will operate at the gas plant, Quirk Creek Gas operated by Caledonian Midstream Corporation.
The second installment will be 300,000 teams and they will be located at a second site in Alberta, while of the remaining 500,000, they have not yet defined their location. The companies also did not disclose the model of the equipment or the amount of the investment made.
Black Rock signed an agreement to acquire Caledonian Midstream Corporation, early July
Details of the agreement between Black Rock and OMH
The agreement between both companies, is for 2 years with optional extensions of 12 months with prior notice, the document stands out.
As part of the agreement between the companies, OMH will be in charge of pay electricity costs, the host and maintenance service fee, calculated at USD 60 per miner per month.
For his part, Black Rock will take care of the installation, service, firmware updates, maintenance and repair of equipment. The company will charge an administrative and management fee of USD 50 per miner per month.
“Maintenance and repairs are limited to exchanging hash boards, fans or changes to the miner’s configuration as the normal course of business,” the agreement highlights.
With respect to the supply of spare parts and inventory, OMH shall provide them, based on the number of miners installed and restocked according to the known failure rate.
Canada, a destination to mine BTC
Black Rock’s move to Canada has become a constant among companies that want to harness sustainable energy, such as gas, to operate BTC equipment.
Last March, CriptoNoticias reported that companies Link Global Technologies, dedicated to bitcoin mining, and Neptune Digital Assets, specialized in blockchain technology, announced the joint construction of a bitcoin mining farm to run on wind, solar and gas born in Canada.
Another mining company that has increased its presence in Canadian territory is Bitfarms. Recently, it signed an agreement with Chinese mining equipment manufacturer MicroBT, for the acquisition of 48,000 units of miners to increase its Bitcoin computing power.
Bitfarms claims to have mined 1,000 bitcoins so far this year with 100% hydropower, as reported by CriptoNoticias.