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BitFrontier (OTC:BFCH) signs ground lease for cryptocurrency mining facility

Tony Zerucha

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BitFrontier Capital Holdings (OTC:BFCH) has signed a ten-year ground lease on approximately 1.3 acres of industrial land on which it plans to build a cryptocurrency mining facility in Virginia.

In a release BitFrontier cited several reasons for selecting that site. At 6.53c/kWh, the area’s average cost of industrial electricity is on the low range of the average national rate, which the company said ranges between 4.13 and 30.82c/kWh. The average temperature of 53 degrees fahrenheit is an excellent for mining, BitFrontier added. Air conditioning will be replaced by the cheaper evaporative cooling systems.

The lot, of which one acre is already fenced in, is zoned for industry, which should simplify the permitting process. It is large enough to accommodate four mining facilities. The leasing entity stated interest in selling the property upon lease expiration.

The material is not to be construed as an offer or a recommendation to buy or sell a security. See full Terms of Service.

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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