TechnologyDigital infrastructure and AI
Olenox outlines gas-to-power plan tied to a proposed expansion of its Bitcoin-mining fleet
Olenox set out a three-phase strategy with targets for self-generated electricity and miner capacity, subject to financing and execution.
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- First published on EPC Feed
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Olenox Industries set out a three-phase plan to connect its energy assets, power generation and Bitcoin-mining business. It is targeting a fleet increase from approximately 9,700 to 20,000 miners and an electricity rate near US$0.015 per kWh, compared with about US$0.06 under current arrangements. Both figures are targets, not achieved operating results.
The first phase is to assess generation equipment, fuel supply, infrastructure and site readiness at its Wildboy natural-gas platform in British Columbia and its Pecos-area energy platform in Texas. The company then may relocate eligible miners now operating in Texas, followed by possible fleet expansion where company-controlled power is available. Olenox says this requires substantial financing, equipment procurement and execution; it would need to add and deploy enough generators to reach 75 MW of capacity. It does not represent the contemplated mining power as currently operational.
Olenox’s September operating report provides a dated baseline for the proposal. For August, the company reported 15.63 Bitcoin mined by CS Digital, an average hashrate of about 1.03 exahashes per second and an installed fleet of 9,584 machines representing approximately 35 MW and 2.19 EH/s of nameplate computing power. The reported Bitcoin was mined at third-party hosting sites drawing from the ERCOT grid. Olenox said the realized hashrate was about 67 per cent of fleet economic capacity, partly reflecting heat-related curtailment and low-power operation in Texas. The report said some hosting expenses and profit-sharing amounts had not been finalized. The October strategy would change the source and location of power; it does not describe an already completed transition.
The August report also says the fleet consisted of S21-class machines with blended hardware efficiency of about 16 joules per terahash. It was the second monthly operating report since Olenox acquired CS Digital on 28 May, and the company said those mining updates would continue monthly. The release cautioned that output and hashrate were credited to mining-pool accounts while some hosting expenses and profit-sharing amounts had not been finalized. This is relevant to interpreting the baseline: reported mined Bitcoin and installed power do not by themselves show the all-in economics of the proposed gas-powered sites.
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