- Bitcoin miner 360 mining intended to increase $2.25 million (USD) in recent funding.
- The New York government announced a ban on bitcoin mining entities for the next two years.
The Bitcoin miner 360 mining collaborated with Luxar and BT Growth Capital to increase the production of natural gas. 360 mining decided to increase funds by $2.25 million (USD) in recent funding. The current mining capacity of 360 mining was 2 megawatts (MW) with a hash rate of 45 PH/s in Texas.
Luxor stated, “By owning the underlying energy source, 360 mining is able to adapt and remain profitable in turbulent markets by monetizing produced gas across three uncorrelated markets.”
The CEO of Bitcoin miner 360 mining Chris Alfano said that he will increase the bitcoin mining capacity to 90 PH/s by the first quarter of 2023. In 2021, 360 mining raised $6 million (USD) in the second round of funding. The Australian-based 360 mining promised to increase natural gas production and mining capacity by mid-March 2023.
Chris Alfano stated, “We expect to replicate our model on larger gas assets that we can acquire throughout 2023.”
There has been a steady decline in bitcoin mining revenue and transaction fees from the past few months to $11.67 million (USD). The continuous rise in energy costs is one of the reasons for the downfall of bitcoin mining. As per the data, most Bitcoin mining companies are in the United States.
In January 2022, the nation hosted nearly 38% of the world’s Bitcoin mining. From the past 24 hours, bitcoin was trading at more than 4% with $17,220 (USD). The other major cryptocurrency Ethereum rose by more than 8% to $1,281 (USD).
The 360 Mining Platform Offers
- Natural gas production
- Generating electricity
- Providing grid resource
- Bitcoin mining
The New York Government Announced To Ban Bitcoin Mining Activities
The New York government has started working to achieve the net-zero carbon emission target. Hence it decided to ban Bitcoin mining entities for the next two years until Proof-of-Work (PoW) based mining companies use 100% renewable energy. The New York Governor, Kathy Hochul stated that permits would not be renewed unless the Bitcoin mining companies adopt a renewable energy system.
According to The Coin Republic report, the CEO of an institutional-grade Bitcoin mining company stated that “the regulatory environment in New York will not halt their target carbon-based fuel Proof-of-Work (PoW) mining but will also likely prevent new renewable-based miners from doing business with the state due to the possibility of more regulatory creep.”
Source: https://www.thecoinrepublic.com/2022/12/09/bitcoin-miner-360-mining-raised-2-25-million-usd-to-increase-production-of-natural-gas/