Creek Road Miners Inc (OTCMKTS:CRKR) stock has been showing a volatile move over the past few sessions and closed lower by 17% in the previous session. Moreover, the stock has lost about 85% so far this year and is trading near its 52-week low of $0.40.
On Friday, CRKR stock fell 17.30% to $0.4710 with 84K shares, compared to its average volume of 76K shares. The stock moved within a range of $0.4150 – 0.6033 after opening trading at $0.55.
About Creek Road Miners
A cryptocurrency mining company leveraging mobile power generation units as well as mining facilities, Creek Road Miners utilizes the bountiful natural gas in the United States as well as acquires energy suppliers for creating additional revenue streams.
Creek Road Miners Prepares to Launch Its First Production Facility
Creek Road Miners, Inc on June 10, 2022, announced the completion of the proof-of-concept phase, which is now resulting in the first production facility in Meeker, Colorado. It will have 240 Bitmain Antminer units, which can generate about 24 petahashes per second of mining capacity at a price of about $.0455/kWh for electricity.
The rising cost of energy entails incentives to produce more oil. One of the natural byproducts is the extraction of natural gas. Colorado, being a zero-flare state, makes it challenging for operators to produce oil if there is no provision for transporting natural gas. Known as “stranded gas.”, this leads to a mutually beneficial opportunity between Creek Road Miners and energy operators, which can exploit the gas to power operations.
The company is expecting the Colorado facility to be functional in the next ten days. It is also looking to deploy an extra facility in Wyoming by month-end and then a third facility in North Dakota in the next two months.
John D. Maatta, the Company’s Co-CEO said that the company is able to get fixed-price, low-cost energy even as the energy prices are soaring. Maatta added that its mutually beneficial for the firm, consumers, and operators.
“At a time when energy costs are extremely high and continue to rise, Creek Road Miners is able to obtain fixed-price, low-cost energy while allowing operators to increase oil production,” commented John D. Maatta, the Company’s Co-CEO, adding, “It’s a win for Creek Road Miners, operators, and consumers.”
Creek Road Miners Delivers on Its Objective of Acquiring Energy-Producing Assets to Power Cryptocurrency Mining
Creek Road Miners, Inc also announced entering into an agreement with Highwire Energy Partners, Inc for acquiring some energy assets in South Dakota, North Dakota as well as Wyoming. The firm has achieved the objective of getting efficient, energy-producing assets for powering cryptocurrency mining operations through geographic diversification and vertical integration.
Energy assets in transactions include natural gas production in North Dakota, South Dakota as well as Wyoming. The locations are suitable for starting Bitcoin mining operations. The firm will be controlling its energy costs and is also transitioning its Louisiana operations to the energy sources made likely through the new acquisition.
Scott Kaufman, co-chief executive officer of the Company, said that the implementation is a culmination of efforts for months by the team. Kaufman added that the firm is now positioned well to scale up operations.
CRKR stock is trading below the 20-Day and 50-Day Moving averages of $0.64 and $1.13 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.89.