Merkle Standard is a bitcoin miner. It has a joint venture to Bitmain, which is one of the largest manufacturers of bitcoin mining rigs. The company has increased its computing power or hashrate from 0.3 EH/s in the past eight months to 3.1 exahash.
According to a Monday statement, the privately-owned miner has added 40 megawatts (MW), of mining capacity to its South Carolina facility. This brings its total mining capacity up to 140MW. Bitmain’s latest mining rigs the S19J Pro (and S19 XP) will be used to mine bitcoin (BTC).
The miner currently boasts 140 megawatts total computing power at its two facilities.
Miners have had a difficult time during the crypto winter. Profit margins have shrunk as bitcoin prices plummeted more than 50%, while capital prices rose and power prices skyrocketed. Merkle and other miners have built up their infrastructures during the bear market to ensure they are ready for when the market turns.
According to Merkle’s website, the Blue Ridge in South Carolina will be Merkle’s second facility. It is estimated to have 80MW of mining capacity by 2024. Merkle’s main Eastern Washington mining site currently has 100MW of power online. There are 225MW planned for 2023 and a maximum expansion of 500MW.
Merkle had previously announced Jan. 21 that it had entered into a purchase agreement for Bitmain for 13,500 ASIC miner rigs, which include both S19 XP or S19J Pro mining rigs.