Creek Road Miners, Inc. (OTCQB:CRKR) (“Creek Road Miners,” or “Company”) has announced that, with the completion of its proof-of-concept phase, the Company will be placing its first production facility in Meeker, Colorado. This facility will house 240 Bitmain Antminer units capable of generating approximately 24 petahashes per second (PH/s) of mining capacity at a cost of approximately $.0455/kWh for electricity.
With the increasing cost of energy, there is a compelling economic incentive for operators to produce more oil. A natural byproduct of producing oil is the extraction of natural gas. In those locations where it is cost-prohibitive or impossible to transport the natural gas, it is often flared or burned off. Because Colorado is a zero-flare state, operators there are unable to produce oil if they are unable to transport the natural gas. This gas is referred to as, “stranded gas.” This situation creates a mutually beneficial opportunity between energy operators and Creek Road Miners, which has the ability to utilize and exploit this otherwise stranded gas to power its operations.
Creek Road Miners expects the Meeker, Colorado facility to be operational within the next ten days. The Company also plans to deploy an additional facility in Wyoming by the end of this month and a third facility in North Dakota within 45-60 days.
“At a time when energy costs are extremely high and continue to rise, Creek Road Miners is able to obtain fixed-price, low-cost energy while allowing operators to increase oil production,” commented John D. Maatta, the Company’s Co-CEO, adding, “It’s a win for Creek Road Miners, operators, and consumers.”
About Creek Road Miners, Inc. (OTCQB: CRKR)
Creek Road Miners, Inc. (www.CreekRoadMiners.com) is a cryptocurrency mining company that leverages mobile power generation units and mining facilities in a manner that overcomes otherwise existing economic barriers. The Creek Road Miners model utilizes the abundance of stranded natural gas in a manner that provides its operations with a desirably priced energy source while benefitting energy operators, the consumer and environmental considerations.
Forward-Looking Statements:
This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220610005119/en/