BioStar MiningStore Case Study
BioStar Renewables operates solar energy farms in California. In 2018, BioStar completed a new solar farm deployment in Temecula, but the local power grid was not ready to accept this new source of energy.
Tax credits for deploying clean energy required utilization by year-end. Without a solution to connect to the local grid, BioStar was at risk of losing the multi-million dollar tax credits used to build the solar farm. With only two months to find a solution, BioStar found MiningStore and the team came together quickly.
An Inside Look
The Goal
Rapidly utilize energy from a newly completed solar farm before year-end to avoid the loss of multi-million dollar tax credits associated with clean energy deployment, as the local power grid was not yet ready for interconnection.
The Approach
MiningStore rapidly deployed a Phase 1 solution within four weeks: a 10-foot container equipped with 600 crypto mining computers. A leaseback model eliminated the need for BioStar's upfront capital, and the operation was supported by five local engineers and remote management.
Project Success
BioStar secured its multi-million dollar tax credits by successfully routing 1 MW of stranded solar energy to the mining operation. The project immediately generated additional revenue outside of tax incentives, enabling BioStar to continue expanding its renewable energy operations.