Lancium is a technology development organization hailing from Houston. The IT innovator has recently proposed a plan for regulating the power supply for the Bitcoin mining farms that are operating in the region. It is worth noting that after the crypto mining ban in China, a considerable number of Bitcoin mining farms were transferred to Texas.
A new report published by CNBC indicates that Lancium has managed to raise $150 million for making this project a reality. The firm is focused on creating technology and solutions that improve the process of Bitcoin mining. The latest innovation coming from this firm concentrates on streamlining the randomized uptime of the energy grid that is supplied to Bitcoin mining farms.
Availability of Renewable Energy is Limited in Texas
The idea presented by Lancium is to generate power storage units in the region that works to store the additional supply of energy when the Bitcoin mining farms are not operating. At the moment, these mining farms have to follow the uneven schedule provided by the clean energy-producing rigs that are subjected to uncertain intervals.
As a result of the uncertain power supply and the lack of demand and supply uncertainty, the power prices are subjected to volatility and inconsistency. The presence of energy grids setup by Lancium will allow the Bitcoin miners to use and stop the energy intake according to the availability of the power that is available and streamlined for commercial use.
The fundraiser for the Lancium power storage grid was arranged by Hanwha Solutions, which is a clean energy generation company. Including other clean energy commercial producers, the fundraiser was able to gather $150 million for making the project a reality before the end of 2022. Brandon Arvanaghi told CNBC that it seems impossible to ask Amazon to stop their data center for an hour from making up for the additional power demand.
However, with the help of the Lancium project, the Texas energy grid will be able to control the uptime and downtime for the Bitcoin mining rigs. It is worth noting that while West Texas produces a considerable amount of wind and solar energy, the supply of these energy sources is often intermittent and uncertain. Arvanaghi also pointed out that the energy grid will only need to pay a little more than the income that Bitcoin miners can make in an hour. Lancium has plans to manage 2000 MegaWatts energy for Bitcoin mining corporations in the region.