Alps Blockchain and Bitmain together
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Alps Blockchain recently strengthened its cooperation with Bitmain to expand its mining operations and expand its international presence.
In fact, through a new agreement with Bitmain to buy further Antminer S19 XP units, the Italian company aims to increase its Bitcoin mining operation and approach the goal of quadrupling its computing power capacity by the end of the year.
Below are all the details.
Alps Blockchain and partnership with Bitmain to boost mining
Alps Blockchain, a leading Italian company in Bitcoin mining and development of sustainable blockchain infrastructure solutions, recently announced the acquisition of new hardware devices from Bitmain as part of a deal worth total 32 million dollars.
Specifically, the order includes Antminer S19 XPs, the most energy efficient of the machines currently available on the mining market, based on SHA256 algorithm.
These devices can provide a computing power of 140 TH/s at 3 kW. It is also expected that all units will be delivered in separate batches by Bitmain between the second and third quarter of 2023.
Alps Blockchain intends to use the units acquired from Bitmain to expand its infrastructure internationally, mainly focusing on websites operated in South Americato reach a total computing power of more than 1.5 exahashes per second (EH/s) when all units are operational.
This would represent an increase of around four times the company’s current hashrate. This last hardware order, worth 16 million dollarsis in addition to the first order, also worth 16 million dollars, placed in the fourth quarter of 2022 under the same agreement.
These two recent orders follow an earlier purchase made by the company in the second quarter of 2021, worth 25 million dollars.
Since 2018, Alps Blockchain has focused its efforts on establishment of mining operations that use renewable energy sources.
Alps Blockchain targets mining farm expansion
In Italy, the company is present in around 20 hydropower plants, and offers an innovative service for the hydropower sector.
This service consists of the design, installation and administration of tailored mining farms within the facilities themselves.
In March 2023, Alps Blockchain raised new capital through an investment by Azimuth Group, a total of 40 million euros.
This funding helped support and accelerate the goals of internationalization, growth of infrastructure and development of sustainable mining solutions pursued by Alps Blockchain.
About Alps Blockchain’s new progress, Francesca FailoniCFO of Alps Blockchain, said the following:
“The agreement with Bitmain consolidates the strategic partnership established with our company and opens up new design opportunities. For Alps Blockchain, it represents an important step on the path of sustainable development and growth in the mining industry, bringing us ever closer to the goals set for 2023.
In just over four years, Alps Blockchain has experienced a progressive growth and now aims to implement the activity aimed at consolidating the business model in Italy, at internationalization and at creating new infrastructure.
Thanks to this new order, we will be able to focus all our attention on expanding the mining farms at our facilities in the coming months.”
On the other side, Xmei LinBitmain’s head of sales, said:
“We are delighted that Alps Blockchain has increased its computing power thanks to the purchase of Bitmain’s mining machines. This demonstrates our commitment to rewarding our established partners and our dedication to fostering mutually beneficial relationships.
We look forward to the opportunity to share resources, design profitable guidelines and create win-win situations with partners like Alps Blockchain. We are proud to be a part of their journey and look forward to what the future holds.”
Azimut’s $40 million investment in Alps Blockchain
In March, asset manager Azimut organized a club deal to invest in Alps Blockchain. Azimut’s investment in 40 million euros was made through Azimut Enterprises Srl and Azimut Direct Investment Alps Blockchain SCSp, a Luxembourg-based vehicle that allowed approx. 600 customers in Italy to participate in the agreement.
This investment involved the purchase of 45% of Alps Blockchain’s shares and a convertible loan. As Azimut also explained, Alps Blockchain is a Trentino-based company specializing in mining research and development.
The goal is to produce computing power for blockchain through the creation and operation of state-of-the-art data centers using renewable sources of energy.
So far, Alps Blockchain has completed the construction of more than 20 data centers, which together house approx 3,950 minerswhich is hardware dedicated to mining.
In addition to data centers located in Italian hydropower plants and operated as service providers, the company also directly operates other data centers abroad.
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