Leveraging the Earth's magma to sustainably power the future
of blockchain technology.
NEW
YORK, Jan. 29, 2025 /PRNewswire/ -- Magma
Power, a global innovator in geothermal energy technology, is proud
to announce a groundbreaking initiative to transform
Bitcoin mining by leveraging its patented magma-based
geothermal energy solutions. This revolutionary approach combines
the immense potential of magma reservoirs with blockchain mining,
creating a scalable, low-cost, and environmentally sustainable
operation.
Revolutionary Energy Technology
Magma Power's proprietary geothermal technology taps directly
into underground magma reservoirs to produce reliable, high-output
renewable energy. With the ability to generate up to 50
megawatts (MW) of baseload power per well, Magma Power's energy
solution sets a new benchmark for efficiency and sustainability in
renewable energy.
"At Magma Power, we are committed to solving the energy
challenges of the future," said Levi
Conner, CEO of Magma Power. "Bitcoin mining
has faced criticism for its environmental impact, but with our
clean energy technology, we're proving it doesn't have to be this
way. Our geothermal technology provides renewable, cost-efficient
power that's perfectly suited to the high demands of blockchain
mining."
Cost-Efficient Energy for High-Demand Applications
One of the key advantages of Magma Power's technology is its
ability to deliver energy at an extremely competitive rate of
$0.02 to $0.04 per kilowatt-hour (kWh). This low-cost,
reliable energy not only enhances the profitability of
Bitcoin mining but also ensures that it is powered by
clean, renewable resources.
"By combining geothermal energy with blockchain mining, we're
addressing two major issues at once: the environmental concerns
surrounding cryptocurrency mining and the need for a
sustainable, affordable energy source," said Richard McDonald, Chief Strategy Officer of
Magma Power. "This is the kind of innovation that can redefine
industries."
Reliable Energy with a Minimal Carbon Footprint
Unlike intermittent energy sources such as solar and wind, Magma
Power's geothermal energy provides baseload power—available
24/7, year-round. This reliability ensures uninterrupted operations
for energy-intensive applications such as Bitcoin
mining, while also contributing to global efforts to reduce carbon
emissions.
"Our ability to harness the Earth's magma reservoirs allows us
to generate renewable power with a minimal environmental
footprint," said KC Conner, founder of Magma Power. "This is
not just a technological breakthrough—it's a shift toward a
cleaner, more sustainable future for industries that require
substantial energy."
Highly Profitable Carbon-Free Bitcoin Mining
With Magma Power
The Cambridge Centre for Alternative Finance calculates than the
average global electricity price for Bitcoin mining is
$0.05 per kWh. With magma power
prices forecasted to be near $.02 per
kWh, magma power presents a revolutionary development for
environmentally-friendly Bitcoin mining.
One of the key advantages of Magma Power's initiative is the
ability to pair its low-cost, geothermal energy with the advanced
Antminer S21 Bitcoin mining machines. These machines
are among the most efficient miners available, offering high hash
rates while consuming significantly less power. The key benefits of
using magma power for Bitcoin mining are forecasted to
include:
- Energy Cost Advantage: Magma Power's geothermal energy
is delivered at a cost of $0.02 to $0.04 per kilowatt-hour (kWh), significantly
lower than traditional power sources.
- Profit Per Machine Per Day:
- At $0.02/kWh, the energy cost per
Antminer S21 machine is approximately $1.68/day
- Based on current Bitcoin network difficulty and
rewards, an Antminer S21 machine can produce $10.30/day in net profit before depreciation
costs
- Operating Profit Potential Per Well:
- Machine Costs: Each Antminer S21 machine currently costs around
$4,500, and a single 50 MW magma well
can power 14,000 machines, resulting in daily profit of
$144,000 per well.
- Operating Profit: At $101,420 per
Bitcoin, a single well could generate $52
million/year in EBITDA (earnings before interest, taxes,
depreciation, and amortization).
Ideal Global Locations for Geothermal Bitcoin
Mining
Magma Power's clean energy initiative has identified several
strategic global locations with high geothermal potential for
Bitcoin mining and other energy-intensive
applications:
- El Salvador
(Bitcoin City): Already at the forefront of the
Bitcoin revolution, El
Salvador offers the perfect conditions to pair Magma Power's
technology with the country's geothermal resources. This
partnership could solidify Bitcoin City as a global
hub for sustainable blockchain innovation.
- Iceland: Renowned for
its abundant geothermal activity and commitment to clean energy,
Iceland is a prime location for
harnessing magma-powered solutions. The country's cool climate also
reduces operational costs for Bitcoin mining
facilities, making it a highly attractive option.
- Vanuatu: As a Pacific
Island nation vulnerable to climate change, Vanuatu has a vested interest in transitioning
to renewable energy. Magma Power's solutions could not only power
sustainable industries but also strengthen the nation's energy
independence.
- Azores Islands: Located in the mid-Atlantic, this
Portuguese territory boasts untapped geothermal potential. By
integrating Magma Power's technology, the Azores could become a
leader in renewable energy while driving local economic growth
through blockchain and green industries.
Applications Beyond Bitcoin Mining
While Bitcoin mining is a key focus of this
initiative, Magma Power's geothermal energy technology has
wide-ranging applications. From powering AI data centers and other
digital technologies to producing green hydrogen, green ammonia,
and renewable fuels, Magma Power is poised to be a leader in
delivering sustainable energy solutions across multiple
industries.
"This technology is about more than
cryptocurrency—it's about creating a global energy
solution that supports innovation while respecting the planet,"
added McDonald.
A Vision for the Future
By combining cutting-edge geothermal technology with the growing
demand for sustainable blockchain mining, Magma Power is setting a
new standard for what is possible in the energy sector. The
initiative reflects Magma Power's commitment to innovation,
sustainability, and redefining the energy landscape.
About Magma Power LLC:
Magma Power LLC, (visit MagmaPower.com) with headquarters in
Tampa, Florida, with additional
offices in New York City and
Houston, is a pioneering energy
technology company dedicated to developing cutting-edge solutions
for harnessing renewable energy. Magma Power, LLC has secured
fourteen worldwide patents covering all aspects of the production
of green energy, energy-intensive manufacturing, green fuels, and
other products using Magma Power™. Magma Power LLC has also filed
an additional forty-six global patents covering all aspects of
magma power production, with over 1,000 patent claims pending
related to this revolutionary new green energy source. Magma power
is a virtually unlimited source of green, renewable, baseload
energy that U.S. government researchers in the 1970s, including
those at Sandia National Laboratories, concluded could meet the
Earth's energy needs for the next several thousand years. The work
of Magma Power LLC has taken the initial insights from
the Sandia Labs test and developed them into robust,
patent-protected technology ready for commercial deployment. Given
the inability of wind and solar to provide stable baseload
renewable power, there is no long-term alternative to magma power
for renewable energy. Magma Power is Inevitable. It's not a
question of if magma power will power the Earth – but
when. Energy is civilization, and the next several
thousand years of civilization will be driven by Magma
Power™.
For media inquiries, please contact:
Richard McDonald
Chief Strategy Officer
rmcdonald@magmapower.com
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SOURCE Magma Power
