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Lancium raises $150 million to expand Bitcoin mining efforts with renewable energy By BTC Peers

by Mike Robinson

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© Reuters Lancium raises $150 million to expand Bitcoin mining efforts with renewable energy

Lancium is a tech startup based in Houston that has raised $150m to help expand its mining and renewable energy business. In 2022, the firm plans to purchase a Bitcoin mining facility with a total capacity of more than 2000 megawatts (MW).

Hanwha Solutions (clean energy company) led the funding round along with other companies from the same sector.

Lancium, which specializes in Bitcoin mining, develops software with technology that eases mining operations’ uptime based on energy prices and grid load.

Price volatility and inconsistency are two of the most common problems with renewable energy farms. These issues can be caused by an imbalance between demand and supply. Bitcoin miners have the ability to plug in and unplug their machines at will, depending upon the energy demand on the grid.

Although West Texas has abundant solar and wind energy, these sources of power are intermittent. An increase in the demand for renewable energy remains an issue of concern, as the grid’s supply would be restricted and unable to meet the demand. Lancium partnered with the Electric Reliability Council of Texas (ERCOT), a non-profit organization that operates Texas’ grid and pays miners to power down. Its technology makes it possible for the energy demand to be dialed up and down, in relation to the grid’s supply and demand dynamics at any given moment.

Lancium’s sites act like a large power station but in reverse […]When there is excess supply of energy, the mines absorb it. This will allow them to monetize their assets and make them more valuable. On the other hand, they will gradually reduce their energy intake as the demand for electricity rises.

Brandon Arvanaghi, Meow’s spokesperson for CNBC, explained the following:

Imagine how much you would have to pay Amazon (NASDAQ:) to say, ‘Hey, there’s too much demand for power. Turn off your datacenter. […]But it can easily do so with Bitcoin. All you need to do is pay miners slightly less than the amount they earned mining Bitcoin for that hour.

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