A new substantial project could end up becoming the world’s largest bitcoin mine. Starting in October, the data center is expected to start activities with 300 megawatts and expand to 1 gigawatt by the end of next year. With this, it would surpass the Bitmain mine in Texas, which reached 300 megawatts in its biggest phase.
The data center will cost US$150 million to be built and operate. The mine would reach the maximum capacity by 2020, with 300 megawatts of energy scheduled to start up in the first quarter and the total 1 gigawatt scheduled for the fourth quarter.
The data center developer Whinstone US, which owns a Bitcoin mine in Louisiana and is building others in the Netherlands and Sweden, has set up the project in partnership with GMO Internet, the Japanese version of GoDaddy. A week after the innovation on November 7, Whinstone US agreed to be acquired by Northern Bitcoin from Germany, which runs a bitcoin mine in Norway with renewable resources.
Thus, in the agreement, the Northern Bitcoin will issue more than 3.7 million new shares to Whinstone US shareholders. After the announcement, Northern Bitcoin shares rose 42%, to €23.60. Thus, the value of the company was valued at around € 180 million.
Bitcoin mine in Texas already has its first customers
Northern Bitcoin also said that two companies have already signed with their first customers and that they will “use a significant portion of Bitcoin’s mining capacity”. However, the company did not reveal the names of the partners.
In a joint statement announcing its merger, Aroosh Thillainathan, co-founder of Whinstone US, also said the agreement could “shape the future course of the global mining industry”. Northern Bitcoin AG CEO, Mathis Schultz, pointed out that the merger “catapults” the company launched in 2018 to the top of the market, faster than it was planned.