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Sterling Digital Plc (AQSE:ASIC), the AQSE-listed company that mines Bitcoin using stranded natural gas in West Texas, has recorded its first verified Bitcoin mining output during commissioning of its facility.
The milestone came during a controlled live-load test, in which the site’s power-generation system supplied electricity to Sterling’s fleet of computers for the first time.
The Bitcoin produced has been deposited into the company’s custody account with Coinbase, the cryptocurrency exchange.
It marks the first time Sterling’s full infrastructure has operated end to end, converting gas bought under contract into electricity, computing power and, ultimately, digital assets.
The company’s model relies on natural gas from the WAHA pipeline in Martin County, West Texas, which it has secured through a five-year supply agreement covering up to 6,500 million British thermal units per day.
Two 2 megawatt Caterpillar generators currently deliver around 1.6 megawatts of net power to Sterling’s fleet of 420 mining servers.
Once fully commissioned, the company expects its computing capacity to reach approximately 193,500 terahashes per second, a measure of how many calculations the mining hardware can perform each second.
Stefan Michaelides, Sterling’s chief executive, said the result was “a defining operational milestone” that showed the company’s power plant infrastructure could function under live conditions.
He added that the focus was now on building on the commissioning run as the company works towards continuous Bitcoin production.
Sterling said data from the test run was being used to fine-tune performance across its power generation, electrical distribution, control and mining systems.
The company said it would provide a further update as commissioning progressed, but gave no timeframe for reaching full commercial operations.
Sterling’s shares trade on the Aquis Stock Exchange under the ticker ASIC.
Source: uk.finance.yahoo.com