TMGcore Building Enterprise-Scale Crypto Mining Facility in Heart of Texas
American Mining Operation Developing a First-of-its-Kind Facility that Dramatically Cuts Cooling and Energy Costs
DALLAS, June 27, 2018 /PRNewswire/ -- TMGcore today unveiled the commencement of occupancy and crypto mining operations in a Class A Tier III facility located deep in heartland America, right in the Lone Star state. Located in Plano, TX, TMGcore entered into a strategic real estate investment partnership and long term lease for the facility with an affiliate of Houston-based Pinchal & Company, LLC. At more than 150,000 square feet and fully capable of a 100 megawatt live power load, TMGcore's mining operation will be one of the largest independently owned facilities in the United States.
Principals of Pinchal & Company invested approximately $60M into the project. In addition to Pinchal's initial backing, the real estate company also invested an additional $7M from Pinchal in a separate investment. The company occasionally invests in its tenants when a mutually beneficial opportunity presents itself. TMGcore then raised another $10M from private equity investors.
"Of the $17M raised by TMGcore to date, we are extremely gratified to have the very significant investment, support and shared vision between TMGcore, Pinchal & Company and the valued relationships Pinchal has formed over the firm's 31 year track record of exceptional results," said TMGcore CEO, JD Enright. "Pinchal and its investment group see where this technology can take many business sectors and TMGcore works tirelessly for this to be another exceptional investment for Pinchal & Company, and all our stakeholders."
The company has developed a unique use case with a fluorochemical coolant that delivers smart, safe and sustainable cooling for industrial technology operations. TMGcore will be one of the first companies to utilize this compound at the heart of an enterprise scale cryptocurrency mining apparatus. The company's intelligent mining technology uses a Two Phase Liquid Cooling Immersion technology to dramatically decrease cooling costs by up to 90%. The system also dynamically adapts its mining efforts toward the most profitable token at any given time, factoring in real time market price, difficulty of access and hashrate. TMGcore has also developed custom made ASIC mining boards that result in a 20% increase in token output.
"Leveraging the magic of this coolant and groundbreaking mining circuitry, we saw a massive opportunity to capitalize on the nascent and highly lucrative mining industry in a physical, tangible and industrial fashion," said Enright. "TMGcore seeks to deconstruct the mining monopoly in other countries with an American-made, U.S. driven approach that not only pushes the blockchain ecosystem forward but also creates job opportunities for Texas' fast-growing technology community. We understand the importance of the research and development that creates not only innovations but the efficiencies that support the blockchain industry on a global scale."
TMGcore's chip suppliers have developed custom ASIC boards to be 50% more dense than traditional rigs and generate an ultra-low energy cost of only $0.04 kilowatts per hour. Combined with the Novec coolant, TMGcore's highly efficient operational software reduces deployment time by 80%, fixing issues and faulty boards in real time.
The company roadmap includes developing methods to become even more energy efficient, including establishing the first mining pool powered by renewable energy. TMGcore is also currently in the final discussions with a renewable energy partner as it expands to launch LEGACYII, a 100% renewable energy powered operation.
To expedite the development of their facilities, TMGcore will also be conducting a fully regulated security token offering in full compliance with US State & Federal securities laws to accredited investors. The LEGACY1 tokens will entitle holders to TMGcore crypto mining revenues. The tokens are expected to yield a 150% return on investment over a 24-month period.
Renowned international law firm, Jones Day, TAS efficient modular systems and mining manufacturer Canaan are additional collaborators.
About: TMGcore LLC, A Blockchain Technology Company
TMGcore is an institutionally positioned company owned and operated in the United States focused on the development and commercialization of emerging technologies which support global blockchain stability, growth and long term sustainability. TMGcore has developed cutting edge IP and operational standards which add a significant market advantage above traditional cryptocurrency mining technology. The company's core IP is in the form of hardware, software and high revenue generating custom Capital Assets. TMGcore exists solely to deliver and support the deployment and profitable operation of high value cryptocurrency mining operations. TMGcore has developed partnerships and close collaborations with leading industry professionals in the fields of cryptocurrency mining, datacenter operations and high capacity power systems. In addition, the company has developed the perfect blend of thermal management systems, power distribution technologies and environmental monitoring mechanisms. To learn more about TMGcore, visit our website at www.tmgcore.com.
SOURCE TMGcore
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