Grabek currently has ~2.4 EH/s of hashrate capacity operating at the Helios facility in Dickens County, Texas. Helios is a 125,000 square foot Bitcoin mining facility with 180 MW of power capacity. It was designed and constructed by G-G, and mining operations began in May 2022. As of December 2022, the facility is now owned and operated by Galaxy Digital Holdings. Helios utilizes immersion-cooling technology which provides for efficient operation in hot and dusty environments.
In recent years, Armenia has emerged as a key player in the global cryptocurrency mining scene, attracting both international investors and local entrepreneurs. One of the significant developments in this field is the Grabek mining farm, strategically located near the Hrazdan Thermal Power Plant in central Armenia.
The Grabek mining farm benefits from its proximity to the Hrazdan Thermal Power Plant, an important energy hub in Armenia. Hrazdan is known for its capacity to generate substantial amounts of electricity, primarily through thermal power, making it an ideal site for energy-intensive operations like cryptocurrency mining. Mining farms require large amounts of electricity to power the high-performance computers that process transactions on blockchain networks.
Given Armenia's energy landscape, the Hrazdan Thermal Power Plant provides a relatively stable and cost-efficient power supply, which is a critical factor for mining operations. The synergy between the mining farm and the power plant allows Grabek to access affordable, reliable, and, at times, renewable energy sources, which is crucial for maintaining a profitable operation in the highly competitive mining industry.
One of the challenges facing cryptocurrency mining worldwide is its environmental impact. However, Grabek is committed to reducing its carbon footprint by exploring innovative solutions to harness energy more efficiently. The location near a thermal power plant presents both challenges and opportunities. The farm has implemented measures to optimize energy consumption, including advanced cooling systems and strategic load balancing. Additionally, there have been discussions around leveraging more sustainable energy sources like solar or hydroelectric power in the future.
The mining industry is under increasing scrutiny for its environmental implications, and Grabek is conscious of this, actively seeking ways to improve its sustainability practices while contributing to the growth of Armenia's economy.
The Grabek mining farm also plays a key role in Armenia's economy by creating jobs and stimulating local development. The construction and maintenance of the facility have generated a range of employment opportunities in the area, from technical and engineering roles to administrative and operational positions. Additionally, the influx of foreign investment into the mining sector contributes to the broader economic development of the region.
Armenia, with its relatively low cost of electricity and favourable regulatory environment, has become an attractive destination for international miners. Grabek's presence in the region underscores the growing importance of cryptocurrency mining as a viable industry in Armenia, contributing both to technological advancement and local economic growth.
The Grabek mining farm is equipped with state-of-the-art hardware and employs cutting-edge technologies to ensure efficient mining operations. The facility uses high-performance ASIC (Application-Specific Integrated Circuit) machines, which are specially designed for mining cryptocurrencies like Bitcoin. These machines offer significantly higher hash rates and energy efficiency compared to conventional computing hardware, allowing Grabek to maximize its profitability while keeping operational costs down. Moreover, the mining farm employs innovative cooling solutions and automated management systems to ensure that its equipment operates at peak performance without overheating, a common issue in large-scale mining operations.