OriginClear’s OriginSpark and Block40X announced a joint venture that will deliver a 250‑megawatt power supply agreement through Basin Data Solutions, with the facility located in Clearwater, Florida. The contract is structured to provide long‑term electricity at a price below 3 cents per kilowatt‑hour, a rate that is substantially lower than the industry average and gives the partnership a competitive edge in the energy‑intensive Bitcoin‑mining market.
The deal marks a strategic pivot for OriginClear, a company that has historically focused on water‑technology solutions and has reported a 2024 revenue of $5.54 million against a net loss of $18.97 million. By entering the digital‑asset mining space, OriginSpark aims to create a recurring revenue stream that diversifies the company’s income sources and leverages OriginClear’s expertise in structuring tax‑advantaged financing for scarce assets.
Block40X plans to bring 100 MW online within 6–9 months and scale to 500 MW, with a separate 200 MW facility already under development. OriginSpark’s financing model offers investors preferred returns, a five‑year capital‑exit option, Bitcoin treasury holdings, and pro‑rata profit distribution, positioning the venture to attract capital while maintaining operational flexibility.
The partnership faces regulatory and market risks. Basin Electric, a member‑owned cooperative, previously faced a FERC rejection in August 2024 for rate schedules targeting cryptocurrency operations, highlighting potential regulatory scrutiny. Additionally, Bitcoin’s price volatility and the capital intensity of mining operations could impact the venture’s profitability and long‑term viability.
Riggs Eckelberry, OriginClear’s founding chairman and CEO, emphasized the critical role of energy: “The price and availability of power is everything. With our help, the Block40X team can build a world‑class mining operation around this energy asset.” Block40X co‑founder Benjamin Hoskins noted the growing demand for low‑cost power, while external energy expert Jim Mathers praised the sub‑3‑cent contract as a “mind‑blowing” price for a long‑term agreement.
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