The West Texas gas-to-Bitcoin operator recorded its first end-to-end mining output during a live commissioning run, with the coins deposited into its Coinbase custody account.
"We are not simply delivering two generators, connecting them and switching them on, the ambition was greater than that. We have built a complete power plant from the ground up," said Stefan Michaelides
"Margins in Bitcoin mining are won on the cost of energy. Sterling's low-cost energy solution is laying the foundation for industry-leading profitability", said CEO Stefan Michaelides.
“This is a defining moment for Sterling, bringing months of planning, engineering and procurement into operational reality and moving the company significantly closer to full operational capacity,” Stefan Michealides, CEO, said.
Sterling Digital has agreed a five-year gas purchase deal that secures supply of up to 6,500 MMBtu per day and capacity to support about 25MW of bitcoin-mining power in West Texas.
It has contracted Terra Solis Mining to install and commission phase 1 of its first gas-to-energy bitcoin mining site and has opened an institutional Coinbase custodian account for mined bitcoin.