The bitcoin mining industry continues to expand as companies are obtaining more megawatts of capacity, building new facilities, and acquiring thousands of application-specific integrated circuit (ASIC) mining rigs. On Friday, the firm Validus Power revealed it has acquired two natural gas power stations in Ontario, Canada, that will become crypto mining facilities. On the same day, the firm Applied Blockchain got a $15 million loan to fund growth and “buildout of its data centers.” While the bitcoin mining industry’s growth has been exponential, at the same time, bitcoin mining operations are making a significant dent toward cleaning up the world’s CO2 emissions.
Applied Blockchain Secures $15M in Credit to Build Out Data Centers
While cryptocurrency markets saw a significant downturn during the last few months, it has not stopped specific bitcoin miners from expanding. For instance, this week, the bitcoin mining company Genesis Digital Assets announced that the firm secured 708 megawatts (MW) in capacity during the first half of 2022. After securing thousands of ASIC mining devices at a discount, the bitcoin miner Cleanspark announced earlier this week that it acquired a plug-in-ready facility with 86 MW of capacity.
On Friday, the bitcoin mining hosting company Applied Blockchain announced that it secured a $15 million loan to continue expansion. “[Applied Blockchain] intends to use the facility to repay its existing debt and provide additional liquidity to fund the buildout of its data centers,” the company noted during the announcement. “The new credit facility doubles our loan-to-value on our Jamestown facility and provides us with additional capital to fund our growth plans and deliver on the increasing demand from our customers,” Applied Blockchain’s chairman and CEO, Wes Cummins, explained.
Validus Power Expands Ontario Presence With Plans to Convert Waste Gas Into Bitcoin With Propriety Clean Energy Technology
While Applied Blockchain got a loan to pay off existing debt and build out infrastructure, Validus Power, a blockchain power solutions firm, announced that the company is building out more data centers in Canada. Validus Power is in the midst of developing two crypto mining facilities in Kapuskasing and North Bay, Ontario, and it has plans for data center construction in Iroquois Falls, Northern Ontario. The company acquired the natural gas power stations from Northland Power in April 2022.
According to Validus,…
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