Applied Blockchain, a mining company, announced this week that it will change its name to Applied Digital. Additionally, 2022 operational and financial updates were released by the mining company. These updated noted that on August 15, the mining business entered into an agreement to buy land in North Dakota.
Applied Digital Enters Purchase agreement on August 15, Groundbreaking Plans for Q3 2022
A second mining company reports expansion updates. Applied Digital, formerly Applied Blockchain has announced that it entered a purchase contract on August 15. It will also add another mining facility to North Dakota. The company’s news follows the firm getting a $15 million loan to fund growth and “buildout of its data centers.”
Applied Digital said, on August 25, that it changed the company name to “reflect the company’s broader business opportunities within larger high-power computing (HPC) applications.” On the same day, it released a financial and operational update that reveals the new purchase agreement.
“[Applied Digital’s]North Dakota will host its third hosting facility. Its current Jamestown location is not suitable. As previously announced, the Company has executed a letter of intent with a utility and is in the late stages of design and pre-construction,” the company detailed. “On August 15, 2022, [Applied Digital]Agreement reached to purchase raw land from North Dakota in order for construction. Groundbreaking is planned for the third calendar quarter of 2022.”
They also acquired:
Marathon already has a substantial portion of the available power at this site under their 200MW contract, with the option of adding more.
Applied Digital is joining a host of other mining operations that will be expanding in 2022 despite severe crypto winters and low market value for digital assets. Genesis Digital Assets has announced that it secured 708 megawatts of capacity in the first half 2022. Cleanspark recently revealed it acquired a plug-in-ready facility with 86 MW of capacity after it noted it secured thousands of ASIC mining devices at a “discounted price.”
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