announces huge mining project

Bitcoin miners have announced that they plan to launch a mining operation that should be worth about $20 million, according to the company’s calculations.

This project will require the company to up its capacity to 2.5 petahashes/second, or 166% of the current rate. rents out computing power to people around the world, and it already has the customer base necessary to scale operations out to that degree.

Customers already rent out rigs for between $999 and $8,999 annually, and Bitcoins mined are doled out accordingly across the network.

Mt. Gox Relief Effort

Furthermore, the company has offered Mt. Gox customers a massively reduced rental rate to help them earn back some of the money they lost in that crash. Anyone who go goxed is able to rent out the company’s services at a rate of $8 per gigahash, one-third the normal price.

The company notes that one of its employees lost more than $40,000 worth of Bitcoins in the collapse, and that sparked the idea to help out other former Mt. Gox users.

SXSW also took part in this year’s South By Southwest festival in Austin, the annual gathering of big players in tech and music and media and anything people find remotely cool.

"South by Southwest is a perfect fit for," said Emmanuel Abiodun, the company's CEO. "It's a large gathering of diverse, intelligent and creative people on the cutting edge of emerging technology, arts and entertainment. Where else can you find Bitcoin mining, Lady Gaga and Chelsea Clinton at the same venue?"

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