Sazmining Inc. to Partner With Drillbit Crypto and Horseshoe Power on New Cryptocurrency Mining Venture
Sazmining Inc. is expanding their mining operations internationally to Alberta, Canada through a joint venture with Drillbit Crypto, a Canadian cryptocurrency firm, and Horseshoe Power. The project is currently in progress and is expected to be fully operational by the fall of 2020. The facility will directly employ 8 people within the data center and another 20 indirectly through the development of the project. Sazmining Inc. will be spearheading the design and implementation of the new facility using cutting edge mining technologies. Sazmining’s Chief Executive Officer, William Szamosszegi stated, “I’m really excited to be working with our partners at Drillbit Crypto and Horseshoe Power on building out this new facility. We all share a special vision for the future growth of digital assets and blockchain technology. Our powerful partnership is aimed at supporting the transition towards a more digitally native future.”
The project will utilize load shedding to help both the mining operation and Horseshoe Power maximize profits and keep expenses low. Sazmining’s Chief Operating Officer, Brian Snyder commented, “Joint ventures between power generating facilities and crypto miners is the most sustainable power solution for miners. Behind the meter contracts reduce rates by eliminating transmission fees. They also reduce rate volatility and interference from sometimes hostile local governance. These facilities add benefits to the community. When grid rates are high miners can load shed, allowing the power company to sell power to the grid at peak periods and help keep the heat on during the winter storm.”
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This is one of Sazmining’s energy resell projects which reduces waste and benefits another business in the community. In this case, the excess heat from the mining facility will be recycled into powering a greenhouse growing local produce.
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This results in 15-20% of the power used by the facility being recycled. Sazmining is also involved in another energy resell project with the potential to power a small town in Texas. More details on this project will be released later this year.