DGAP-News: NORTHERN BITCOIN MERGES WITH LEADING US COMPETITOR
DGAP-News: Northern Bitcoin AG
/ Key word(s): Merger
PRESS RELEASE
- Building the world's largest Bitcoin Mining Facility in Texas - Joint company positions itself as a leading global player
The Whinstone Group and its management team have a successful track record in the blockchain industry since 2014 and have established and operated their own mining facilities in the Netherlands, Sweden and the USA. A few weeks ago, the company started building its latest site in Texas. On an area of 100 acres (equivalent to around 57 soccer fields), the largest data center in North America and the largest Bitcoin mining facility in the world are built in three phases with local construction partners. With the completion of the first construction phase planned for the first quarter of 2020, the company will already have over 300 megawatts of capacity and will rank number one worldwide. The total capacity of one gigawatt is expected to be available in the fourth quarter of 2020. The first customers of the new site are two stock-listed corporations that will use a significant portion of the capacity for Bitcoin mining. In addition to its highly specific focus on blockchain applications such as Bitcoin mining, the infrastructure of the largest data center - after completion - in the USA can also be used for video rendering and artificial intelligence applications in the future. "With stock-listed Northern Bitcoin AG, we have found the ideal partner to position our successful business development on the capital market from now on. The joint company has the immediate potential to shape the future course of the global mining industry," explains Aroosh Thillainathan, Co-Founder and Managing Director of Whinstone US. "With this merger, we are catapulting ourselves faster than originally planned to the top of the world in Bitcoin mining. Whinstone's team has done a great job over the past few years and is proving its leadership in the blockchain industry by building the world's largest mining facility," said Mathis Schultz, CEO of Northern Bitcoin AG. "Together, we have a dominant leadership position in this fast-growing industry and are well-positioned to benefit significantly from the future development of blockchain technology." By completing the transaction at the beginning of 2020, the joint venture will establish itself as a global leader in Bitcoin mining. It is intended that parts of the experienced Whinstone management will complement the management board of Northern Bitcoin AG at short notice. Northern Bitcoin AG, based in Frankfurt, started in 2018 as a sustainable Bitcoin Miner and is recording a rapid growth thanks to the strong global distribution of Bitcoin and its blockchain. The Company among other things operates a mining site based on renewable energy sources in Norway and benefits from the rapid adaptation of Bitcoin as "digital gold" and new means of payment. With the offer of its own wallet, the Company becomes the operator of a 360-degree Bitcoin ecosystem. Disclaimer: Investor Relations:
18.11.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Northern Bitcoin AG |
Thurn-und-Taxis-Platz 6 | |
60313 Frankfurt/Main | |
Germany | |
Phone: | +49 69 34 87 52 25 |
E-mail: | [email protected] |
Internet: | www.northernbitcoin.com |
ISIN: | DE000A0SMU87 |
WKN: | A0SMU8 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Munich (m:access), Tradegate Exchange |
EQS News ID: | 915645 |
End of News | DGAP News Service |
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915645 18.11.2019