The bitcoin mining industry continues to grow as companies obtain more megawatts of capacity, build new facilities, and acquire thousands of application-specific integrated circuit (ASIC) mining rigs. On Friday, the company Validus Power revealed that it had acquired two natural gas-fired power plants in Ontario, Canada, which will become crypto-mining facilities. On the same day, Applied Blockchain secured a $15 million loan to fund the growth and “construction of its data centers.” While the growth of the bitcoin mining industry has been exponential, at the same time, bitcoin mining operations are making a significant dent in cleaning up global CO2 emissions.
Applied Blockchain Obtains $15 Million Loan to Build Data Centers
Although cryptocurrency markets have seen a significant downturn over the past few months, that hasn’t stopped some bitcoin miners from expanding. For example, this week, bitcoin mining company Genesis Digital Assets announced that the company had secured 708 megawatts (MW) of capacity in the first half of 2022. After securing thousands of discounted ASIC mining devices , bitcoin miner Cleanspark announced earlier this week that it has acquired a plug-and-play facility with an 86 MW capacity.
On Friday, bitcoin hosting company Applied Blockchain announced that it had secured a $15 million loan to continue its expansion. “[Applied Blockchain] intends to use the facility to repay its existing debt and provide additional liquidity to fund the construction of its data centers,” the company noted during the announcement. “The new credit facility doubles our loan-to-value ratio at our Jamestown facility and provides us with additional capital to fund our growth plans and meet growing customer demand,” said Wes Cummins, President and Chief management of Applied Blockchain.
Validus Power Expands Presence in Ontario with Plans to Convert Waste Gas to Bitcoin Through Proprietary Clean Energy Technology
While Applied Blockchain secured a loan to pay off existing debt and build infrastructure, Validus Power, a blockchain power solutions company, announced that the company is building more data centers in Canada. Validus Power is developing two crypto-mining facilities in Kapuskasing and North Bay, Ontario, and plans to build a data center in Iroquois Falls, Northern Ontario. The company acquired the natural gas plants from Northland Power in April 2022.
According to Validus, the Iroquois Falls Generating Station is 120 MW and a natural gas-fired power plant. The Kingston site is also a natural gas-fired power center with a capacity of 110 MW. Last October, Validus announced its North Bay power plant and also signed a partnership with Hut 8 Mining Corp. Like myriad Bitcoin mining companies today, Validus Power also converts wasted gas into crypto.
On June 3, the company wrote about the “Mad Maxx Mobile Power Fleet,” which converts “waste gas into Bitcoin with appropriate clean energy technology.” Validus joins Crusoe Energy, Greenidge Generation, Upstream Data, Vespane Energy, EZ Blockchain and a number of others turning wasted gas into bitcoin. The expansion of the bitcoin mining industry in 2022 is not only seeing growth, but the technologies behind bitcoin mining operations are helping the environment. The Validus blog post published last June says:
Through the use of appropriate and proven technology, Validus Power is able to take the unwanted and unusable waste gases created in the petroleum refining process and convert them into energy on a large scale.
What are your thoughts on Applied Blockchain’s funding for expansion and expanding Validus Power’s operations in Ontario, Canada? Let us know what you think about this topic in the comments section below.
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