Bitcoin Mining Industry Reveals Mergers, Hashrate Increases, and New Facilities Amid Market Downturn – Mining Bitcoin News

While bitcoin is down more than 72% from the crypto asset’s all-time high, bitcoin mining operations are expanding at a rapid pace during the downturn. Cleanspark, a bitcoin mining firm, announced Tuesday that its hashrate had surpassed four exahash per seconds (EH/s) and Rhodium, a Texas-based mining company, revealed that it has raised $11.9million according to an September 19 Securities and Exchange Commission Form D filing. Rhodium announced on September 29 a merger agreement with Silversun Technologies. Merkle Standard opened Spartanburg’s new mine facility two days earlier.

Rhodium reveals merger with Silversun Technologies, which raises $11.9M

An SEC Form D registration recently filed explains Rhodium Enterprises, Inc.’s $11.9million monthly raise, according to an exemption offering filing, published September 19, 2022. Ten days later Rhodium Technologies and Silversun Technologies revealed that the companies would be merging.

This newly combined operation will apply for a public list and is expecting to close by the end the year. The Texas-based Rhodium utilizes “proprietary tech to self-mine bitcoin,” according to the firm’s website.

Cleanspark Hashrate Execures 4 Exahash Each Second

Following a number of announcements during the last three months, Cleanspark, Inc. (Nasdaq: CLSK) revealed on Tuesday that the company’s mining operations have surpassed 4 exahash per second (EH/s). Cleanspark says that Cleanspark, Inc. (Nasdaq: CLSK) is currently on time to achieve its goal of 5 EH/s by the end of the year. Cleanspark’s CEO Zach Bradford said during the 4 EH/s milestone announcement that bitcoin mining can decarbonize the economy.

“Bitcoin mining, when done with an eye toward low-carbon energy sources, can hasten the decarbonization of our economy,” Bradford remarked. “No other industry can do this like Bitcoin. In addition to being a technology that we believe will revolutionize our monetary system, Bitcoin is also a technology capable of revolutionizing our energy systems, making them more resilient, abundant, and clean.”

Merkle Standard Opens Data Center in Spartanburg, South Carolina

Merkle Standard celebrated Tuesday’s ribbon-cutting with Spartanburg residents, Curtis Loftis, BV Energy, and William Timmons (R–SC). “This is the future, so digital assets are going to be a part of our lives going forward and it’s great that we’re on the leading edge,” Timmons said during the ceremony.

According to the local news reports, Merkle Standard’s new facility is a $35 million investment in the Spartanburg county region. Timmons further noted on Tuesday that Merkle Standard’s new data center has provided the county with roughly two dozen jobs and he added that the number is expected to grow.

In this story, tags
$11.9 Million, 4 EH/s and 5 EH/s Bitcoin Miners. BTC Mining. BTC Miners. Curtis Loftis. Data center, Merger. Merkle Standard. Mining bitcoin. Mining facilities. Mining rigs. Rhodium. Silversun Technologies. Silversun Technologies. South Carolina, Spartanburg County. Texas. William Timmons. Zach Bradford.

What do you think about the bitcoin mining operation expansions during the last week amid the crypto winter’s downturn? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman, the News Lead for News, is a Florida financial technology journalist. Redman is an active participant in the cryptocurrency community from 2011. Since 2011, Redman has been an active member of the cryptocurrency community. Redman is a prolific writer for News, with over 6,000 articles on disruptive protocols.

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