Sangha Renewables Advances with 19.9 MW Solar Bitcoin Mining Facility in West Texas
Sangha Renewables, a bitcoin mining company dedicated to leveraging renewable energy, officially broke ground on its 19.9 megawatt (MW) solar-powered bitcoin mining project in West Texas this week.
“We’re very satisfied with the development progress,” said Spencer Marr, Sangha’s president. “By proactively investing in essential electrical infrastructure last November—before the deal closed—we ensured a quicker path to operational mining, which is already paying off.”
Sangha’s innovative strategy differs from traditional miners by focusing on partnerships with renewable energy producers. These companies often generate excess electricity during off-peak times, such as windy nights, which can be monetized through bitcoin mining instead of being sold at a loss.
Currently, Sangha owns the mining rigs via subsidiaries and purchases power from the energy provider, although the utility may eventually manage mining operations directly.
The West Texas facility is expected to generate $42 million in revenue within its first year and produce approximately 900 bitcoin over the next ten years. With electricity costs locked in between 2.8 and 3.2 cents per kilowatt-hour on a 30-year lease, investors stand to acquire bitcoin at a significant discount of 25% to 50%.
Construction should conclude by the end of July, barring any unforeseen delays, with mining commencing soon after.
To date, Sangha has raised $14 million toward its $17 million equity target, utilizing Plural Energy’s blockchain-enabled funding platform for renewable energy projects. By fall, the company plans to deploy smart contracts that will facilitate direct bitcoin-based earnings distributions to investors eager to participate in this innovative mining model.
