Arcane Crypto, a full-service digital finance platform, has just announced its first purchase of crypto mining rigs through its subsidiary Arcane Green Data Services.
This subsidiary was specifically created to produce and supply raw processing power needed for cryptocurrency mining operations, especially for harvesting Bitcoin.
Other entities under Arcane Crypto are all set to handle the company’s processing power efficiently. They are also tasked to select the most efficient mining equipment for Arcane Crypto.
For the company’s first mining rig purchase, it selected Antiminer s19 Pro (110 TH/s) mining machines, which is one of the top crypto mining equipment in the market.
Arcane Crypto bought 352 units of these machines which, when fully operational, can process 38,720 terra hashes. According to reports, the company paid $4 million for their brand-new machines.
Mining new opportunities
“Mining is the mechanism securing the bitcoin blockchain and we are committed to securing the bitcoin blockchain in the cleanest way possible, with green energy,” Arcane Crypto Chief Executive Officer Torbj∅rn Bulle Jenssen said.
The company also highlighted that with the total computing power that its 352 machines can muster, it says that it can earn more than $400,000 per month.
But, of course, like any other crypto mining operation, the company also has to absorb various expenses such as electricity, administrative costs, and hosting.
Arcane Crypto said that its mining venture will be up and running at the end of the third quarter of this year.
New revenue stream
Jenssen said that the company expects that its new crypto mining operation would be a sizable source of revenue. He also said that according to the current market conditions and their estimate, Antminer machines can generate SEK (Swedish Krona) 3.5 million a month.
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