The energy company
TurboGen
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Jumps about 16% in the background of a report that it will set up a power generation project for the cryptocurrency mining company Coin World based in Wyoming, USA, which will use it for its server farm. The customer will not take part in the set-up costs, will pay only according to actual consumption and the project is expected to be used only by him – and Turbogen is building on it to continue operating for another ten years, an assumption that reflects the company’s confidence in crypto market development – and Queen World itself.
Quinn World will implement Turbogen’s TG 40 systems with a total power of up to 500 kilowatts per hour (estimated: 13 will be required). In the first stage, it is only a backup system, since like other financial entities, crypto miners also have to operate 24/7 and cannot take on the risk of being disconnected from the electricity grid. By the way, Turbogen says that the project – in fact mini-gas-powered mini-turbines that will be built near the customer and especially for him – will be disconnected from the electricity grid, so that it will not be exposed to its shutdown, for example during cyber attacks.
With restrictions on crypto mining in China by Xi Jinping’s administration, many companies in the field have begun to look for alternatives – including in the United States. There the regulators have not yet adopted the decentralized currencies, for fear of money laundering and financing of terrorist entities, but approval or not is just a matter of their practical use, meanwhile mining continues.
As stated, these turbines will not be connected to the electricity grid, which means that this is not a facility from which the electricity can be sold to other customers, and for the sake of convenience and savings in electricity transmission, as stated, they will be built at the customer. Turbogen estimates it will take another year to set them up (expected: first half of 2023).
Unlike PPA districts where customers commit to an amount of consumption in advance and pay accordingly, here Quinn World will pay as stated only according to actual consumption. The problem is that this is also not a sale in the spot market (“on the spot”). As we explained, if Quinn World says for example “in a turbine built a year ago we no longer need, we reduced its activity because of competition” or in the worst case scenario “we had to close the business”, Turbogen will have to connect the systems to the power grid to sell electricity to another customer, or move Them directly to him.
The company says that prior to the closing of the contract, all of its details will be compromised, including conditions for exit points or fines in the scenarios we have described – although there is no commitment in advance, and thus they will define the risks. According to them, the systems are small in size (enter the elevator, for illustration), and can be easily restrained, unlike wind turbines.
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