ISWH Will Host 56,000 Miners Total Mining Capacity and Timeline to Launch. The deal will involve 56,000 Bitmain mining rigs pairing with 200 megawatts (“MW”) of power at the Company’s “POD- CITY” location in Georgia. The Company expects to have the first 20 MW of power paired with rigs and running full-out by October 2021. The schedule calls for having all 56k miners hooked up to all 200 MW of power and running full-out by October 2022.
Estimated Topline Revenue Impact. The Company estimates that this full complement running at full capacity will be capable of driving estimated annual revenues well in excess of $100 million (over $10 million per month) for ISW Holdings/ BlockQuarry in hosting service fees. This is not contingent upon cryptocurrency pricing.
Key Partners. The partnership is tripartite, between Bitmain, ISW Holdings, and Bit5ive, LLC (“Bit5ive).
Bitmain will bring mining machines, capital, and expertise into the bargain, consuming hosting services and power up to and potentially in excess of 200 MW for a 5-year term.
Bit5ive will bring power, hosting services, project management services, and expertise to the table.
ISW Holdings will provide funding, expertise, hosting services, mining services, access to power, and access to public market investors.
Costs Involved. For ISW Holdings, the cost for the entire roll-out to setup and activate mining machines using 200 MW of power will be a total of $62 million. Of that, $6 million has already been paid with $56 million remaining.
Current Mining Operations (excluding Bitmain deal). The Company is currently running 700 miners, representing a mix of Bitmain Antminer S17’s, BitMain S19 95TH/ s’s, and Canaan Avalons. Those miners are running in POD5 units in Stronghold, Pennsylvania, at a site managed by Bit5ive. The current hashrate is 36,000 TH/s, with an upside potential of 54,000 TH/s given current capacity.
https://www.globenewswire.com/news-release/2021/09/07/2292452/0/en/ISW-Holdings-Will-Host-56-000-Miners-In-Recent-Partnership-Agreement-with-Bitmain.html