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Thursday, 21 November
economy

Serhiy Tron starts mining in the USA

Ukrainian became the first

Ukrainian became the first Photo:

White Rock Management, a global digital asset mining company, has announced the opening of its first Bitcoin mining facility in the United States. The event is an inspiring example for Ukrainian crypto-investors as the owner of WRM is a well-known Ukrainian businessman Serhiy Tron.

The office of his American company is located in the Brazos Valley near Houston, Texas. The location was not chosen by chance. This American state has long attracted crypto miners from all over the world. It is weird but we should thank for this to China, which banned cryptocurrency mining in May 2021. Before that, more than 70% of the world's cryptocurrency mining capacities had been located in this country, and they had to relocate to the USA after introduction of the ban.

Besides, Texas is rich in oil deposits. It inspired the search for alternative sources of energy, the ones that would be always available and would not harm the infrastructure. One of such options is flare gas. It is a by-product of oil production obtained in the process of oil separation. Flare gas used to be burned before. However, Serhiy Tron’s company intends to use this technology for cryptocurrency mining.

“The Brazos Valley facility is the first one among network-independent properties we plan to launch in Texas. They will use fossil natural gas from operating oil wells, and turn waste materials into a reliable, non-network energy source. The start of operations in the USA has enhanced our position as a new player in the global industry of digital asset mining," says Serhiy Tron.

Currently, a bear trend is in full play in the market, i.e. the market is low after the recent fall of the cryptocurrency. However, Serhiy Tron does not see anything critical or extraordinary in this: it is a normal market process. The investor notes that such periods are a traditional time for mergers and acquisitions. After all, bear markets open up opportunities for strong miners who can further expand their influence and capabilities.

“The falling of the market has created certain problems for miners who have used borrowed funds at the top of the market. However, this sector has been here before, and well-capitalized and efficient miners will get through the crisis. The current bear trend will give such companies more merger and acquisition opportunities. After all, this will be an additional signal for investors that these companies will be able to survive under extreme market conditions,” Serhiy Tron says with confidence.

The investor advises not to use the word ‘crisis’. It is better to use ‘new opportunities’ instead. According to Serhiy Tron, the market decline helped the industry get rid of the least efficient miners. Instead, the largest and most powerful players were able to increase their market share. They have a position strong enough to survive a difficult period and wait for another cyclical jump in cryptocurrency prices and mining profitability.

Serhiy Tron knows what he is talking about. Just in a few years, this Ukrainian investor has become one of the most prominent figures in the crypto-industry. Recently, the businessman has received the right to publish Bitcoin Magazine, the most authoritative publication of the industry. Tron intends to develop the Bitcoin Magazine franchise not only on the territory of Ukraine, but also in Kazakhstan and a number of Eastern European countries, reaching 11 countries in total. According to approximate estimates, it can have an audience of 240 million people.

"The rapid development of the bitcoin market is impossible without modern media of a new format that provides readers with high-quality industry-related content. Introducing Bitcoin Magazine at the promising markets of Ukraine, Eastern Europe and CIS countries, we are ready to not only provide exclusive information about bitcoins, but also contribute to formation of a united community of professionals and fans of the crypto-industry. The Kyiv bureau of Bitcoin Magazine will be an effective medium for specialized discussions of crypto market participants, a platform to form demands for bitcoin and a source of initiatives for further development of bitcoin in the countries encompassed by our franchise," Serhiy Tron believes.

Speaking about trends and prospects, the investor reminds that Ukraine is the fourth country in the world in the Chainalysis ranking of the use of crypto assets. According to Serhiy Tron, Ukraine's potential is huge. Adoption of a law concerning the crypto-industry in February this year, right before the Russian invasion has become an important step in this sphere.

The investor noted that currently due to the war, development of regulatory mechanisms is slowed down. Serhiy Tron is confident that after the victory, the crypto industry in Ukraine will be able to develop quickly and dynamically. Market participants and investors will receive legal protection and the opportunity to make decisions based on open consultations with state bodies and civil society, while a transparent mechanism for investing in cryptocurrency will start working.

The businessman plans to restore data processing centers in Ukraine and invest in new Ukrainian projects. In general, Serhiy notes that despite the fall of the cryptocurrency market and loss of more than $1 trillion in capitalization since the beginning of 2022, leading investors are convinced that a big growth is coming, and soon the bitcoin rate may exceed all current maximum rates.

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