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Denver-based gas-to-bitcoin infrastructure company Crusoe Energy announced Wednesday that it acquired the operating assets of Great American Mining (GAM). The acquisition gives Crusoe over 10 megawatts (MW) of mining capacity and 4,000 ASIC mining rigs.
On October 12, 2022, digital flare mitigation company Crusoe Energy (DFM) announced that it has acquired the assets of Great American Mining (GAM). Through the deal, Crusoe will not only gain 10 MW of capacity and 4,000 ASIC mining equipment, it will also benefit from “commercial relationships with several large-scale energy producers in the Bakken region of North Dakota and Montana.”
Furthermore, it has also acquired a new facility in Ponchatoula, LA, which will be used for Crusoe’s new research and development (R&D) center. The news follows Crusoe’s trouble with rival firm Alkane Midstream LLC in August, and the company raised $505 million in April 2022.
The recent acquisition announced Wednesday details that GAM’s assets increase “approximately 9% to Crusoe’s capacity.” The company will have 125 flare gas-powered modular data centers on site, and it will help “reduce flaring by approximately 20 million cubic feet per day.”
“We value the relationships established by Great American Mining with oil and gas producers in the Bakken oil field, and look forward to developing these relationships to improve and expand DFM operations where flaring can be a challenge,” Crusoe’s co-founder and CEO Chase Lochmiller said during the announcement.
Crusoe says that the deployed capacity enables the company to reduce an estimated 800,000 tonnes of CO2-equivalent emissions per year. The deployed capacity is equivalent to removing 170,000 cars from the road, Crusoe emphasizes.
“Our belief at Great American Mining is that bitcoin mining is an important solution to stranded gas and flaring problems – problems that have frustrated the oil and gas industry’s efforts to improve environmental performance and efficient use of the Earth’s natural resources for decades,” said Todd Garland . CEO and founder of GAM noted.
What do you think of Crusoe Energy buying GAM’s assets? Let us know what you think about this topic in the comments section below.
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