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While bitcoin is down more than 72% from the cryptoasset’s all-time high, bitcoin mining is expanding at a rapid pace during the decline. On Tuesday, bitcoin miner Cleanspark said its hashrate has exceeded 4 exahash per second (EH/s), and Texas miner Rhodium disclosed that it raised $11.9 million, according to a Sept. 19 Securities and Exchange Commission (SEC) Form D -file. Rhodium further disclosed a merger with Silversun Technologies on September 29. Two days ago, Merkle Standard held a groundbreaking ceremony when it opened a new mining facility in Spartanburg, South Carolina.
A newly filed SEC Form D filing explains that Rhodium Enterprises, Inc. raised $11.9 million this month, according to a notice of an exempt offering of securities published on September 19, 2022. Ten days later, Rhodium and Silversun Technologies provided details of the two companies will merge.
The newly merged business plans to file for a public listing, and the business combination is expected to close by the end of the year. Texas-based Rhodium uses “proprietary technology to self-mine bitcoin,” according to the firm’s website.
After a series of announcements over the past three months, Cleanspark, Inc. (Nasdaq: CLSK ) revealed on Tuesday that the company’s mining has passed 4 exahash per second (EH/s). Cleanspark states that the company is on track to reach this year’s final target of around 5 EH/s. Cleanspark CEO Zach Bradford said during the announcement of the 4 EH/s milestone that bitcoin mining could decarbonize the economy.
“Bitcoin mining, when done with an eye toward low-carbon energy sources, can accelerate the decarbonization of our economy,” Bradford said. “No other industry can do this like Bitcoin. In addition to being a technology that we believe will revolutionize our monetary system, Bitcoin is also a technology capable of revolutionizing our energy systems, making them more robust, abundant and clean.”
On Tuesday, Merkle Standard held a data center ribbon-cutting ceremony with Spartanburg County residents, South Carolina State Treasurer Curtis Loftis, BV Power and Congressman William Timmons (R-SC). “This is the future, so digital assets are going to be part of our lives going forward, and it’s great that we’re at the forefront,” Timmons said at the ceremony.
According to local news reports, Merkle Standard’s new facility is a $35 million investment in the Spartanburg County region. Timmons further noted Tuesday that Merkle Standard’s new data center has brought about two dozen jobs to the county, and he added that number is expected to grow.
What do you think about the expansions of bitcoin mining over the past week amid the crypto winter slump? Let us know what you think about this topic in the comments section below.
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