CHEYENNE, Wyo., August 30, 2021 (Newswire.com) - Elite Mining Inc. (EMI) — recently named one of the top five blockchain startups reducing energy requirements — aims to revolutionize how cryptocurrencies are mined by using clean energy at scale. Elite Mining Inc.'s recent partnership with AXP Energy Limited will allow the company to capture flare and stranded gas to expand its mining operations to remote locations throughout the United States.
Stranded gas, according to the U.S. Department of Energy (DOE), is gas that is wasted or unused in a natural gas field due to either economic or physical limitations. A joint DOE and National Technology Lab report stated that the largest volume of flaring is taking place in the Bakken Shale of North Dakota because of the lack of availability of pipeline infrastructure. Overall, the DOE reported that if current flaring rates continue over the next two years, an additional 500 billion cubic feet of gas could be flared in the Permian Basin of West Texas alone. Burning unused gas emits carbon dioxide and wastes a valuable source of power. By capturing this stranded or flare gas, EMI is able to power mining operations and reduce carbon emissions.
"The partnership between AXP Limited Energy and Elite Mining brings value to both companies by creating a market for natural gas in scenarios where the gas would otherwise be flared or vented due to lack of proper infrastructure. This new market increases net-backs for the producer while lowering all-in electricity costs for the consumer," says Kyle Textor, President of Carbon Capture Consulting LLC.
Elite Mining Inc. is the only green crypto mining company to offer a plug-and-play, crypto mining solution using immersion technology that is 100% mobile. Due to their compact size and mobility, the company's Elite Mobile Units (EMUs) can be driven without a commercial driver's license (CDL) to any location, no matter how remote, to capture and utilize the otherwise wasted flare gas. As new opportunities to capture this stranded gas arise, EMI can deploy its EMUs quickly to customers throughout the country. In addition to flare gas, Elite Mining focuses on eco-friendly mining, utilizing many sources of renewable power like solar and wind, while innovating breakthrough technologies in immersion mining.
Immersion mining technology protects miners from dust, environmental contaminants, high temperatures and vibration, which negatively affect their performance. EMI is able to reduce waste by eliminating the necessity to replace damaged or poor-performing miners, significantly reduces the need for infrastructure and optimizes energy efficiencies, minimizing the carbon footprint emitted by digital mining. Elite Mining and its clients have seen an increase in hashrate of over 30%, uptime of 99.7% and generating 30% more Bitcoin-per-miner with the company's Immersion Mining Pods versus typical air-cooled miners.
"Energy partnerships like the one with AXP Energy Limited increase our power capacity at a reduced cost, allowing us to scale quickly to meet growing customer demands while increasing profits. This partnership is great news for our shareholders," Justin Podhola, CEO and founder of Elite Mining Inc., stated.
EMI's partnership with AXP Energy Limited marks a crucial step for Elite Mining towards the company's goal of revolutionizing the crypto industry through innovation and green initiatives. Through the agreement, AXP will provide energy to EMI's immersion mining farms in the form of stranded gas from its Pathfinder Field in Colorado with opportunities for future expansion.
With an increased power capacity at a reduced cost, EMI can improve mining efficiency and achieve the highest hashrates, which should lead to higher revenues and profit margins. EMI shareholders and customers will enjoy the benefits of this agreement for years to come, as their mining investments now have the potential to yield much higher returns.
ABOUT ELITE MINING INC.
Elite Mining Inc. acquires, installs and maintains immersion mining hardware to mine digital currencies, using proprietary immersion technology and the lowest 2% renewable energy costs in the USA for its own mining and hosting customers. The hardware, or miners, are submerged in EMI's proprietary, biodegradable liquid and placed inside Immersion Mining Pods (IMPs). This optimizes performance and energy efficiency. The IMPs are neatly contained within a 28-foot Elite Mobile Unit (EMU), making it the most energy-efficient green mining solution on the market. Elite Mining Inc. sells these mobile units through its subsidiary Elite Mobile Units. Typically sold to clients with mining operations that require over one megawatt of power, EMUs enable crypto miners and investors to reap the rewards that proprietary immersion technology and mobile mining solutions bring.
EMI Contact Information:
April Madden, Director of Marketing
J.D. Wambold, Executive Vice President
Carbon Capture Consulting LLC
Kyle Textor, President
Source: Elite Mining Inc.