Riot Buys Huge Bitcoin Mining Center in Texas
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Answer Riot Buys Huge Bitcoin Mining Center in Texas
In one of the previous articles published On Arab Bitcoin, we touched on the trends and future of the crypto market and indicated that mergers and acquisitions are what will distinguish the coming period in the cryptocurrency market and blockchain technology.
Recently, “Northern Data AG”, a European company specializing in data infrastructure, has sold its American subsidiary, “Whinstone Inc” to “Riot”.
Riot will control the mining operations planned by Whinstone in the US state of Texas.
According to a press release from Northern Data, the deal is worth:
- 67 million euros in cash ($80 million).
- In addition to a 12% stake in Riot, valued at more than $570 million.
Meaning the entire deal amounts to more than $650 million.
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For the record, “Northern Data Whinstone” previously announced, in November 2019, the establishment of the largest data center in North America and the largest Bitcoin mining facility in the world.
The one-gigawatt facility, located on 42 hectares in Rockdale, Texas, was due to be completed by the end of 2020.
The videos posted on the “Whinstone” page appear onFacebook“It has made great progress despite the difficulties imposed by the Corona pandemic.
According to Northern Data, the data center is already up and running, although it’s unclear whether Bitcoin is being mined there or still in preparation.
Northern Data plans to use the proceeds to expand its high-performance computing sites around the world.
It is worth noting that Riot is not the only Bitcoin mining company focused on mining Bitcoin in Texas, as “Bitmain” – a mining equipment maker based in China and one of the largest Bitcoin miners in the world – has set up its operations in an abandoned aluminum factory In Texas too.
Texas has become a popular destination in the USA for mining companies, due to the state’s lighting systems and relatively cheap electricity.
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