EcoChain, Inc. Announces Strategic Update on its Growth and Operations
EcoChain, Inc., a wholly-owned subsidiary of Mechanical Technology, Incorporated, a cryptocurrency mining business powered by renewable energy, announced the release of a strategic update discussing how EcoChain is setting the critical building blocks for its growth into place.
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In the presentation Mr. Toporek discusses the power cost of EcoChain’s new data center in the South Eastern United States. “Having a power cost of $0.023 cents per kWh for at least 83% of the time opens up the opportunity to purchase second and third generation processors for immediate delivery at a 50% to 65% discount to current generation processors on a hash rate basis. When operations begin during the second half of 2021, we believe that this low power cost will allow us maximum flexibility to potentially optimize the Company’s return on invested capital.”
Mr. Toporek also reviews how EcoChain manages return on invested capital, its long-term growth strategy and the results of its mine in Washington State. “Our Washington mine is operating at approximately 2.6MW. The assets were acquired in May 2020 and the capacity of the mine was increased in the fall of 2020, as a result of improvements mining operations and infrastructure. These improvements are expected to enable the return of 100% of the capital we deployed to the site by the end of the second quarter of 2021, or in under twelve months. This initial project may be small-scale in nature, but it effectively demonstrates how driving this kind of return on investment is part of MTI’s and EcoChain’s playbook and DNA.”
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