Giga Watt, one of North America’s largest cryptocurrency miners, is breaking new ground to add more data centers to its existing installation, part of a bigger strategy to reposition the company to better function within new economic realities of a slowing crypto-economy.
The new construction; a five-megawatt (MW) site hosting three pods, will be marketed as a Giga Watt mining solution for larger B2B (business to business) customers, rather than focusing on new entrants into the industry, as was the previous strategy. Giga Pods, as they are called, are also catered toward customers looking for transaction-based high-performance computer services like rendering or remote medicine.
The new site also marks a meaningful expansion of Giga Watt’s relationship with the local power utility, as it adds power lines originating in Washington state’s Grant County to company’s original utility contract in Douglas County.
Giga Watt makes Cryptocurrency Mining more Efficient
Giga Watt’s evolution hasn’t been without its share of controversy. Earlier in 3rd Quarter its token took quite a pounding; after the company’s co-founder and CEO Dave Carlson left for personal reasons. Notably, Carlson remains a Giga Watt shareholder.
Fake news reports of the company’s imminent demise were triggered by Giga Watt’s adjustments in the schedule of launches of additional computing capacity. In particular; the introduction of an automated tool for mining IT support, resulted in greater efficiencies with less personnel.
“The truth is that we are in trouble, but we are not done fighting to make things right for our clients,” says George Turner, Giga Watt’s managing director. “We have a very lean, skilled team in place, and we have a workable plan to take care of our clients while making the company profitable,”
“In the interim, we hope that our clients will stand by us, as we strive to satisfy all of our obligations,” Turner predicts.
Giga Watt plans to Increase Service Pricing
In fact, while Giga Watt plans to increase its service pricing in order to keep up with the growing delta between fixed costs and the falling profitability of crypto-mining, it also plans to maintain its WTT token-holders’ discounts and token leasing rights.
“This plan should allow us to meet our financial obligations while ensuring that operations continue as close to normal as possible,” Turner said.
“We intend to begin bringing back our laid-off staff within six to eight weeks, at which time we will return to high levels of service and quick response times to meet clients’ needs,” said Turner.
Giga Watt Giga Pods will make Cryptocurrency Mining more Efficient
Giga Watt plans to redirect some of its business development efforts towards Giga Pods. Each pod houses densely packed computers that are then accessed by customers over the internet, with each pod having the potential to produce around 14 Bitcoins (BTC); worth $93,091.88 on September 28, 2018, a month.
The prefabricated wood-frame structures are roughly 12 by 48 feet in size. They are equipped with hundreds of high-speed servers that collectively draw 1.67 megawatts of power.
“Giga Pods offer not just a chance to attract a more corporate type of a customer to our Washington state series of locations,” said Dave Carlson, Giga Watt co-founder, and shareholder. “With Giga Pod kits, we can reach customers in remote locations that want to build their own sites with a proven solution.”
Giga Watt operates facilities in Wenatchee, Washington which provides turnkey mining services and custom mining packages. Giga Watt offers a full range of mining services including equipment sales, maintenance and repair, and private blockchain servicing. For more information, please visit https://www.giga-watt.com/