EcoChain Leads Crypto Mining's U.S. Growth, Adding Megawatts of Renewable Capacity; Mechanical Technology Inc. Featured in PCG Digital Tech Watch

Rhea-AI Summary

EcoChain, a green data center operator for cryptocurrency mining, announces a robust position amidst industry challenges, such as China's crackdown on miners and chip shortages. The company has signed a 25-year lease on a property that will initially provide 12 megawatts of renewable energy, with plans to secure an additional 10 megawatts and bring another 100 megawatts online. In Q2 2021, EcoChain generated $1.7 million in revenue, significantly exceeding forecasts by 41%.

Positive

• Generated revenue of $1.7 million in Q2 2021.
• Contributed $1.3 million in earnings, exceeding forecasts by 41%.
• Signed a 25-year lease for a property to provide 12 megawatts of renewable energy.
• Plans to secure an additional 10 megawatts at a second property.

Negative

• None.

NEW YORK, Aug. 5, 2021 /PRNewswire/ -- EcoChain builds and operates ultra-low-cost green data centers for cryptocurrency mining. These centers are complex ecosystems of enterprise-grade equipment that require extensive electricity.

The crypto mining industry is facing several new challenges.

• China's recent measures against miners. Miners leaving China are in search of data centers with adequate power, security and guaranteed uptime.
• The chips needed to operate a high hashrate computer used for mining are in short supply.
• Bitcoin, the most-mined digital asset, is given to wild price swings, and can be more expensive to mine than to buy.

EcoChain provides  solutions to common industry problems. The company's US-based centers offer access to renewable energy, adequate rack space, service levels and S19 hardware.

EcoChain's sweet spot

EcoChain is ideally positioned to take advantage of China 'unplugging' from crypto mining, acquiring lightly used mining equipment and finding new places to plug it in. The company, recently signed a 25-year lease on a US-based property that will initially deliver 12 megawatts of renewable energy. EcoChain is working to secure another 10 megawatts at a second property, and MTI is studying opportunities to bring another 100 megawatts online. EcoChain forecasts that it will have 50 megawatts online by year's end.

Generating revenue

As MTI's most profitable unit, EcoChain generated revenue of $1.7 million and contributed $1.3 million in earnings in Q2 2021 – 41% more income than forecast.

Disclaimer

This communication was produced by PCG Digital Holdings, LLC, an affiliate of PCG Advisory Inc., (together "PCG"). PCG is not a registered or licensed broker-dealer nor investment adviser. No information contained in this communication constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. PCG may be compensated by respective clients for publicizing information relating to its client's securities. See www.pcgadvisory.com/disclosures.

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SOURCE PCG Digital

FAQ

What are EcoChain's recent achievements in renewable energy for cryptocurrency mining?

EcoChain signed a 25-year lease for a property that will initially provide 12 megawatts of renewable energy and plans to add an extra 10 megawatts at a second location.

How much revenue did EcoChain generate in Q2 2021?

EcoChain generated $1.7 million in revenue in Q2 2021, which was 41% more than forecasted.

What challenges is the cryptocurrency mining industry currently facing?

The cryptocurrency mining industry faces challenges such as China's measures against miners, shortages of necessary chips, and volatile Bitcoin prices.

How does EcoChain plan to expand its mining capacity?

EcoChain is studying opportunities to bring an additional 100 megawatts of renewable energy online, in addition to its current projects.