One of the largest crypto mining operations in the United States, utilizing an innovative supercomputer cooling system that could revolutionize the industry, will go online this weekend inside of an otherwise nondescript big box building in Plano.
Cryptocurrency — Bitcoin being an example of one cryptocurrency — is a broad term describing the multiple forms of decentralized, digital currency that are transmitted online and maintained by an open ledger. The currency is created as a reward for a process called mining, which increasingly requires highly capable computers as demand for the various systems of digital cash grow in popularity.
The custom-built servers that TMGcore will run inside of its 150,000 square foot facility are capable of performing 8,500,000,000,000 calculations per second. And upon full roll out, TMGcore will operate 97 separate systems capable of those mind-boggling computations.
That kind of computing power will do for cryptocurrency markets what the first nuclear power plant did for the electric grid, according to TMGcore CEO John-David Enright.
“The reality is it is already here. It is not happening. It happened,” Enright said about the expanded interest in and legitimacy of cryptocurrency. “We are just expanding on it.”
TMGcore Chief Operating Officer Taylor Monnig expanded on that argument.
“We see Bitcoin growing as it has over the last two years from X amount of transactions a day to 10, 11, 15 times that over the next couple of years,” Monnig said. “So building one of these facilities is absolutely a play on we think that the Bitcoin network is going to grow, and we want to be the people there to support it.”
The latest news from around North Texas.
Part of what makes TMGcore so confident in its abilities is the unique technology the company is utilizing to keep its servers cool.
“The company’s intelligent mining system uses a two-phase liquid cooling immersion technology to dramatically decrease cooling costs by up to 90 percent,” Enright said in a statement.
As opposed to traditional air cooling, which requires an extensive network of fans, ducts and square footage, the liquid cooling system is far more efficient, according to company officials. As an example, Enright estimates that TMGcore can accomplish what a typical data center dedicates 10,000 square feet of server space and a $12 million investment toward with a space of only 540 square feet and at a cost of $1.6 million.
“Our technology is first-to-market and delivers a transformative approach to crypto mining that stands to fundamentally disrupt the market,” Enright said.