North American bitcoin mining firm Merkle Standard is expanding its operations to Memphis, Tennessee, after securing a power contract from the city-owned utility company.
According to a recent report by PSR Memphis, a company registered as 4545 S Mendenhall LLC has signed a five-year agreement with Memphis Light, Gas & Water (MLGW) for a power supply of up to 45 megawatts. The contract went into effect on Aug. 1.
The report identifies 4545 S Mendenhall LLC as a front for Merkle Standard, citing multiple connections between the two entities. PSR Memphis visited the site, which is located at 4545-49 South Mendenhall Road and is still under construction, and observed the presence of Bitmain Antbox containers.
The power agreement allows Merkle Standard to draw up to 45 MW of power every half hour during periods of low electricity demand once the site becomes operational. The agreement also imposes a limit of 5 MW per half hour during peak demand and requires a minimum monthly bill of $189,176.
Merkle Standard operates bitcoin mining facilities in Washington and South Carolina with a combined developed power capacity of 140 MW, according to its website.
In 2022, Merkle Standard formed a joint venture with Bitmain, aiming to develop up to 500 MW of mining capacities. The first project under this venture is located at Merkle Standard’s flagship site in Eastern Washington.
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