Texas cryptocurrency miner to source power from utility-scale batteries

July 11 (MT Newswires) -- The cryptocurrency infrastructure provider Lancium has partnered with Broad Reach Power, a Houston-based power producer to use power stored in batteries during peak demand.

Lancium will receive a power supply from Broad Reach to support a portion of the infrastructure provider's 25 megawatt Clean Campus data center in Texas. When grid supplies are short, instead of sourcing power from power plants, this deal will allow Lancium to tap power from utility-scale batteries.

These batteries will hold a substantial amount of solar and wind energy, which will help Lancium increase its use of renewable energy.

Commenting on the partnership, Lancium Executive Vice President Shaun Connell said, "Because our technology allows data center power consumption to move up and down with grid conditions, we can help stabilize the power grid and encourage the development of even more renewable generation."

The topic of renewable energy has been on Lancium's agenda for quite some time. When Bitcoin, Ethereum and other cryptocurrencies reached new all-time high prices in November, the company raised $150 million to build Bitcoin mines across the state, which will be running on renewable energy.

With that said, Lancium Smart Response, a proprietary of the company, enables data centers to regulate power usage per the condition of grids in real time.

Ever since individual whales and institutional investors started pouring billions of dollars into the crypto finance space in 2021, many residents across several states in America have blamed crypto miners for the additional strain on electricity grids. A great example of this was during a winter storm in 2021 when Texas' electricity grid collapsed.

Copyright © 2022 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.