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

While bitcoin is down much than 72% from the crypto asset’s all-time high, bitcoin mining operations are expanding astatine a accelerated gait during the downturn. On Tuesday, the bitcoin miner Cleanspark said its hashrate has surpassed 4 exahash per 2nd (EH/s), and the Texas mining institution Rhodium revealed it raised $11.9 million, according to a September 19 Securities and Exchange Commission (SEC) Form D filing. Rhodium further disclosed a merger with Silversun Technologies connected September 29. Two days ago, Merkle Standard held a ribbon-cutting ceremonial arsenic it opened a caller mining installation successful Spartanburg, South Carolina.

Rhodium Raises $11.9M, Reveals Merger With Silversun Technologies

A precocious filed SEC Form D registration explains that Rhodium Enterprises, Inc. raised $11.9 cardinal this month, according to a announcement of an exempt offering of securities filing published connected September 19, 2022. Ten days later, Rhodium and Silversun Technologies detailed the 2 companies volition beryllium merging.

The recently merged cognition plans to use for a nationalist listing and the concern operation is expected to settee by the extremity of the year. The Texas-based Rhodium utilizes “proprietary tech to self-mine bitcoin,” according to the firm’s website.

Cleanspark Hashrate Exceeds 4 Exahash per Second

Following a fig of announcements during the past 3 months, Cleanspark, Inc. (Nasdaq: CLSK) revealed connected Tuesday that the company’s mining operations person surpassed 4 exahash per 2nd (EH/s). Cleanspark details that the institution is connected docket to conscionable the end-of-the-year extremity of astir 5 EH/s. Cleanspark’s CEO Zach Bradford said during the 4 EH/s milestone announcement that bitcoin mining tin decarbonize the economy.

“Bitcoin mining, erstwhile done with an oculus toward low-carbon vigor sources, tin hasten the decarbonization of our economy,” Bradford remarked. “No different manufacture tin bash this similar Bitcoin. In summation to being a exertion that we judge volition revolutionize our monetary system, Bitcoin is besides a exertion susceptible of revolutionizing our vigor systems, making them much resilient, abundant, and clean.”

Merkle Standard Opens Data Center successful Spartanburg, South Carolina

On Tuesday, Merkle Standard held a information halfway ribbon-cutting ceremonial with residents of Spartanburg county, South Carolina authorities treasurer Curtis Loftis, BV Power, and congressman William Timmons (R-SC). “This is the future, truthful integer assets are going to beryllium a portion of our lives going guardant and it’s large that we’re connected the starring edge,” Timmons said during the ceremony.

According to the section quality reports, Merkle Standard’s caller installation is simply a $35 cardinal concern successful the Spartanburg region region. Timmons further noted connected Tuesday that Merkle Standard’s caller information halfway has provided the region with astir 2 twelve jobs and helium added that the fig is expected to grow.

What bash you deliberation astir the bitcoin mining cognition expansions during the past week amid the crypto winter’s downturn? Let america cognize what you deliberation astir this taxable successful the comments conception below.