EcoChain Leads Crypto Mining’s U.S. Growth, Adding Megawatts of Renewable Capacity

EcoChain is a profitable subsidiary of Mechanical Technology Inc. (NASDAQ:MKTY)

  • Cryptocurrency data centers require enormous amounts of electricity. Access to inexpensive renewable
    energy is vital.
  • North American locations are valuable to help counter environmental, geopolitical, economic and supply
    chain concerns.
  • EcoChain, the most profitable subsidiary of MTI, is meeting the needs of crypto miners with a focus on
    environmental, social and governance factors.

In 2021, EcoChain will expand its floorspace, electrical capacity and computing horsepower.

Powering high-power computing

EcoChain builds and operates ultra-low-cost green data centers for cryptocurrency mining. These centers are
complex ecosystems of enterprise-grade equipment that require extensive electricity. EcoChain is leading
the charge to change to provide a reliable, greener alternative for crypto miners.

Standing out from the crowd

The crypto mining industry is facing several new challenges.

  • China’s recent measures against miners. Miners leaving China are in search of data centers with adequate
    power, security and guaranteed uptime.
  • The chips needed to operate a high hashrate computer used for mining are in short supply.
  • Bitcoin, the most-mined digital asset, is given to wild price swings, and can be more expensive to mine
    than to buy.

EcoChain stands out from the crowd, with solutions to the most common industry problems. The company’s
US-based centers offer extensive access to renewable energy, adequate rack space, service levels and 519

EcoChain’s sweet spot

EcoChain is ideally positioned to take advantage of China ‘unplugging’ from crypto mining, acquiring lightly
used mining equipment and finding new places to plug it in. CEO, Michael Toporek, recently signed a 25-year
lease on a US-based property that will initially deliver 12 megawatts of renewable energy. The company is
working to secure another 10 megawatts at a second property, and MTI unit is studying opportunities to bring
another 100 megawatts online. EcoChain forecasts that it will have 50 megawatts online by year’s end.

Generating revenue

As MTl’s most profitable unit, EcoChain generated revenue of $1.7 million and contributed $1.3 million in
earnings in Q2 2021 – 41% more income than forecast.