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This week, mining company Applied Blockchain announced that it is changing its company name to Applied Digital. Furthermore, the mining operation released 2022 financial results and operational updates that noted that the mining company entered into a purchase agreement on August 15 for land in North Dakota.
Another mining company reports expansion updates as Applied Digital (formerly Applied Blockchain) has revealed that it has entered into a purchase agreement on August 15th. The deal will add a second mining facility in the state of North Dakota. The company’s news follows that the firm is getting a $15 million loan to finance growth and “expansion of the data centers.”
Applied Digital said on Aug. 25 that it changed its company name to “reflect the company’s broader business opportunities in larger high-performance computing (HPC) applications.” On the same day, it released a financial and operational update disclosing the new purchase agreement.
“[Applied Digital’s] third co-hosting facility will be in North Dakota, at a different location than its current Jamestown facility. As previously announced, the company has executed a letter of intent with a utility and is in the late stages of design and pre-construction, the company says in detail. “15. August 2022, [Applied Digital] entered into an agreement to purchase raw land in North Dakota for the construction of the facility. Groundbreaking is planned for the third quarter of 2022.”
The company added:
A meaningful portion of the power capacity at this site is already contracted by Marathon as part of their 200MW contract with an option on the remaining capacity at the site.
Applied Digital joins a number of mining businesses expanding in 2022 despite the harsh crypto winter and low market values for digital assets. Genesis Digital Assets announced that the firm secured 708 megawatts (MW) of capacity during the first half of 2022. Cleanspark recently disclosed that it acquired a plug-in-ready facility with 86 MW of capacity after it noted that it secured thousands of ASIC- mining units at a “discount price.”
What do you think of Applied Digital’s purchase agreement announcement? Let us know what you think about this topic in the comments section below.
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