Bitcoin mining company Arthur Mining, founded by Brazilians and operating in the United States, plans to expand its operations to Brazil in 2023, following a new investment in the company.
In an interview with Small companies, big companiesthe president of the company and author of the book “The Future of Money”, Rudá Pelini, stated that he plans to grow up to 400% in his US business.
The resource received, amounting to R$23.5 million, came from family offices, which contributed to the mining company.
Bitcoin miner plans to arrive in Brazil in the first half of 2023
With the new contribution, the arrival of the bitcoin miner in Brazil could take place in the first quarter of 2023. That is, by March, an operation that started in 2020 in the US will arrive in the South American country.
In 2022, Arthur Mining earned BRL 15.9 million from its bitcoin mining facilities.
The company is active in the development and implementation of data centers that can mine bitcoin with idle energy. According to Pelini, these are types of produced and not consumed energy, which are ultimately used by the mining company.
By building a data center directly on the energy production site, Arthur Mining can use the produced surplus. In explanation, Rudá said that the practice rewards the energy producer, who previously missed opportunities.
In addition to charging a fee to build the operation in the companies, the mining company still shares revenue to manage bitcoin mining with energy companies.
Promising opportunities in Brazil
The arrival in Brazil represents a market opportunity found by the company that has received investments in recent days.
According to the president of Arthur Mining, idle energy in Brazil has lower costs than in the United States.
So while in Brazil they would get $15.00 per megawatt (MW) for energy from renewable sources, in the US the same cost comes out at $50 per megawatt.
With currently 40 employees, the company hopes to hire another 20 professionals to come to Brazil and offer their services related to bitcoin mining.
In 2022, Arthur Mining operated 15 MW in the United States, with nearly 20 customers in its base. The goal set after receiving a contribution is to operate 60 MW, significantly increasing production.
The case shows that while the price of bitcoin has seen volatility in recent months, companies continue to invest in the mining industry and have confidence in the long term, including Brazil in the path of development.
In a recent conversation with Livecripto, the Spanish division of Livecoins, Ray Nasser, CEO of Arthur Mining, recalled that many miners have been selling Bitcoin in the slump, while others are seizing opportunities to expand their operations.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
