Atlas Cloud, a company delivering colocation solutions, backup/redundancy IT, telecom equipment and cloud computing services, has announced the acquisition of MKH Electric City Holdings – a Washington State company which owns a 6,600 square feet data center. The facility is currently being converted to host cryptocurrency mining servers. Atlas Cloud intends to dedicate this data center to mining Bitcoin.
The cost of the facility is $300,000 USD and Atlas Cloud is expecting to spend up to $2,600,000 USD in facility infrastructure costs and related expenses to retrofit the existing warehouse into a data center.
The ‘Grant County Data Centre’, located in Electric City Washington, is less than five kilometers from the Grand Coulee Dam, which impounds a sizable portion of the Columbia River. Due to its location, the facility would benefit from electrical provisioning at approximately $0.03/kWh. Atlas Cloud’s energy consumption dedicated to digital currency mining for this individual data center location is 3.0MW, supplied by the Grant County Public Utility Department with the ability to upgrade to 5 MW.
This data center can host up to 1,700 Application Specific Integrated Circuit (ASIC) mining servers. A second data center phase (an additional 2.0 MW) is expected to be completed in 2019, increasing total energy dedicated to digital currency mining to 5.0 MW. Atlas Cloud says it is fully funded to complete Phase 1 and 2 of the Grant County Data Centre.
h3“We are thrilled to transition and launch into the operational phase of commercialization of our new Bitcoin mining facility,” said Fred Stearman, President of Atlas Cloud. “Our recent and successful financing efforts have launched what we believe will be one of the most cost-efficient and scalable operations in the business. Washington State is an excellent jurisdiction with its access to abundant inexpensive electricity, good governance, and a cool climate important for economic server operations. Our previous extensive experience in cloud-based service delivery combined with our exciting new facility is a solid foundation from which we plan to build upon. It’s a truly exciting time at Atlas Cloud and we look forward to building a robust and vibrant business alongside commensurate shareholder value as we launch into 2018.”
In the race to identify and leverage opportunities within the blockchain business environment, Atlas Cloud believes the path to long-term success is through ownership of strategically located data centers where it can host its mining operations within “secured and stable” locations offering “favorable climatic conditions, along with dedicated energy sources at advantageous rates.”