Compute North to Provide Clean Energy and Tax Incentives to Crypto Miners via PowerFund One Partnership
Crypto mining firm Compute North has teamed with clean energy tax equity fund PowerFund One to begin delivering $100M USD of green energy and tax credits to crypto mining operations seeking to invest in, and migrate to, socially responsible energy sources, such wind, solar, geothermal and hydro.
Compute North provides efficient, low-cost, infrastructure for clients in the blockchain, cryptocurrency mining and the high-performance computing space. With over 110 megawatts of scalable capacity and growing, Compute North hosts equipment from the industry’s biggest names, including Bitmain, MicroBT, Canaan, Obelisk, Innosilicon, and more. Compute North has facilities in Texas, South Dakota and Nebraska.
PowerFund One develops, owns, and operates solar energy projects around the world and is a national provider of tax equity, operating predominantly distributed generation clean energy power plants across the US.
With the increased demand of cryptocurrency mining in the United States, and the associated demand for power, there is an opportunity to have a positive effect on the renewable energy space by investing in renewable energy innovations through Tax Equity. This call for cleaner, usable energy is reinforced at a federal level with the investment tax credit (ITC).Under the ITC Program, crypto miners can secure green energy and capture tax credits and depreciation benefits to increase profitability.
Compute North, along with PowerFund One, will offer its mining customers the opportunity to invest in Tax Equity which provides ITCs and other benefits structured to reduce tax obligations and give investors the ability to own and operate their rigs on dedicated clean energy sites, as well as employ virtual power purchase agreements to contract clean energy.
“Through our partnership with PowerFund One, Compute North is committed to making cryptocurrency mining part of a Green Grid Solution via our use of clean energy, demand response, and software optimization,” said PJ Lee, co-founder at Compute North. “We are seizing the opportunity to funnel revenue generated by mining into growing and developing new renewable energy projects and view these initiatives as a win-win for both the industry and the planet.”
“Compute North allows us to provide miners with immediate access to clean energy critical to institutional acceptance and future growth. The fact that we can assist with strategic tax planning to help increase shareholder returns is exciting,” said Charlie Gilreath, Managing Director at PowerFund One. “Over the past year our teams have begun cross operational investing in this program of Clean Energy Production and Tax Credits, and I look forward to expanding that as demand grows.”