Welcome to our new website! This is our first blog post and we wanted to make it count. Luckily, today we have a good way to make it count.
I’m happy to inform you that, after long negotiations, we just agreed to purchase a property that is going to be our main location in the state of Washington.
Mining is all about numbers. Here are some numbers for you about this property:
- Purchase price: $600,000 ($100,000 downpayment);
- 30 year amortization;
- 22 acres of land;
- 10,000 sf building;
- Up on a hill (safe from floods).
We plan to lease out some of this capacity until we are capable to cover it all with our own mining power. This will help us offset costs including the 10-20MW energy deal we are negotiating with the local PUD.
This property satisfies our needs for the foreseeable future and lets us expand up to 20MW of mining capacity. We estimate that with this purchase we are ready to spend up to $30M on building our solar+wind+hydro infrastructure.
Having 3 Elite Mining properties will allow us to eventually expand to the capacity of 50MW and mitigate risk by distributing assets. It’s enough to power a small town.
This is exciting news and we will be targeting the capacity-development of this property with our Q4 fundraising round, after the current one is complete and funds are put to work.
Find out more about our current fundraising round (seed part B)!