As companies acquire more capacity and build new facilities, the bitcoin mining market continues to grow. Companies also purchase thousands of ASIC mining rigs. Validus Power announced on Friday that it had acquired two Canadian natural gas power stations. These will be used as crypto mining sites. 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.
The $15M credit secured by Applied Blockchain for the construction of data centers
Although cryptocurrency markets have seen a substantial downturn in the past few months it hasn’t stopped some bitcoin miners expanding. Genesis Digital Assets, a bitcoin mining firm, announced this week that it had secured 708 megawatts of capacity in the first half 2022. Cleanspark, a bitcoin mining company, announced this week it had purchased a plug-in ready facility that has 86MW capacity.
Applied Blockchain, a bitcoin mining company announced Friday that it had secured a loan of $15 million to expand its operations. “[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.
Ontario Presence Grows with Validus Power Plans To Convert Waste Gas into Bitcoin.
Applied Blockchain was granted a loan in order to repay existing debts and construct infrastructure. Validus Power, a firm that provides blockchain power solutions, has announced plans for more Canadian data centers. Validus Power has two cryptocurrency mining sites in North Bay and Kapuskasing, Ontario. It also plans to build a data center in Iroquois Falls in Northern Ontario. Northland Power was acquired by the company in April 2022.
Validus says that Iroquois Falls’ 120-MW plant is a natural-gas fired power center. With 110 MW capacity, the Kingston site is also natural gas-fired. Validus Power announced the North Bay Power Plant in October and a partnership agreement with Hut 8 Mining Corp. Validus Power converts gas waste into cryptocurrency.
On June 3, the company wrote about the “Mad Maxx Mobile Power Fleet,” which converts “waste gas into Bitcoin with propriety clean energy technology.” Validus joins Crusoe Energy, Greenidge Generation, Upstream Data, Vespene Energy, EZ Blockchain, and a number of others transforming wasted gas into bitcoin. Not only is the industry growing, but also the technological innovations behind bitcoin mining are improving the environment. Last June’s blog post Validus stated:
Validus Power uses proprietary and proven technology to convert unusable and inefficient waste gases from oil refining processes into energy on a large scale.
How do you feel about Applied Blockchain receiving funding to expand and Validus Power expanding its operations in Ontario Canada? Comment below to let us know your thoughts on this topic.
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