Shares of Creek Road Miners, Inc (OTCMKTS:CRKR) closed lower on Thursday after an update.
On Thursday, CRKR stock moved down 9.52% to $0.38 with 34K shares, compared to its average volume of 77K shares. The stock moved within a range of $0.3200 – 0.4400 after opening trade at $0.32.
About The Company
Creek Road Miners, Inc (OTCMKTS:CRKR) is a cryptocurrency mining company leveraging mobile power generation units as well as mining facilities to overcome existing economic barriers. The company harnesses the abundance of stranded natural gas providing operations with a suitably priced energy source as well as giving an advantage to consumers, energy companies, and the environment.
Creek Road Miners Launches Its First Production Facility
Creek Road Miners Inc on June 16, 2022, announced that the first production facility in Meeker, Colorado completely operational. Housing 240BitmainAntminers, it is able to generate about 24 petahashes per second of mining capacity. The approximate cost is $.0455/kWh for electricity.
With this, the company has decided on deploying the second facility in Colorado. The premise will be operating on the same terms as Meeker but will have 270 BitmainAntminers generating 27 PH/s of mining capacity.
John D. Maatta, the Company’s Co-CEO said that the deployment of second facility will double the hashing power for Creek Road Miners. Maatta added that the firm is laser-focused on deploying the next data centers.
Earlier, Creek Road Miners had announced the finishing of the proof-of-concept phase. There is a rising cost of energy making it necessary for operators to produce more oil. One of the natural byproducts in the process is natural gas. However, there may be challenging locations making it impossible to transport natural gas, leading to flaring or burning them.
Colorado, a zero-flare state, makes it impossible for operators to produce oil if natural gas is not transported, making it “stranded gas.” The situation leads to a mutually beneficial opportunity between Creek Road Miners and energy operators.
The company is expecting the Colorado facility to be operational in the next ten days. The firm is also planning to deploy an extra facility in Wyoming by end of the month as well as a third facility in North Dakota in the next two months.
John D. Maatta, the Company’s Co-CEO said that there are extremely excessive costs of energy and further increasing. The company is able to get low-cost and fixed-price energy enabling operators to augment oil production. Maatta added that it is a win for Creek Road Miners, operators as well as consumers.
“With the deployment of this second facility, Creek Road Miners will more than double its current hashing power,” commented John D. Maatta, the Company’s Co-CEO, adding, “We’re now laser-focused deploying our next data centers.”
CRKR stock is trading below the 20-Day and 50-Day Moving averages of $0.56 and $1.04 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.86.