LiquidStack Secures Funding to Boost Eco-Friendly Bitcoin Mining in the U.S.
Immersion cooling technology company LiquidStack has secured funding round from Trane Technologies. The funds will be used to scale up manufacturing, with plans to announce a U.S. facility in Q3. LiquidStack’s current manufacturing operations are based in Germany.
The company specializes in two-phase immersion cooling, submerging computers in dielectric heat transfer liquid instead of mineral oils used in other models. This method is more environmentally friendly and less resource-intensive than air cooling, the most common practice among bitcoin miners.
LiquidStack’s two-phase solution can reduce a data center’s carbon footprint by over 1,500 tons of CO2 equivalents per megawatt (MW) and decrease energy use of mechanical equipment by 40%. Additionally, it can lower capital expenditure by 33% and land use by 32%. The technology has the potential to reduce water usage for powering and cooling data centers by over 300 billion liters per year.
With energy being the primary operational cost for bitcoin miners, LiquidStack’s solution uses only 0.02 MW for cooling per MW of energy used for computing, compared to other options that use 0.1 MW to 0.7 MW. The eco-friendly cooling solution costs $7.2 million per MW of infrastructure but can help miners reduce their operating expenses in the long run.
Trane Technologies, a heating and cooling tech firm, had $16 billion in revenues in 2022 and aims to reduce one billion metric tons of carbon emissions from its customers' footprint by 2030, as well as achieve net-zero emissions by 2050.