Bitcoin Mining Industry Reveals Mergers, Hashrate Increases, and New Facilities Amid Market Downturn

Bitcoin Mining Industry Reveals Mergers, Increase in Hash Rate, New Facilities Amid Market Downturn – Bitcoin Mining News

While bitcoin is down more than 72% from its all-time high, bitcoin mining is expanding at a rapid pace during the downturn. On Tuesday, Bitcoin miner Cleanspark said its hash rate exceeded 4 Exahs per second (EH/s), and Texas miner Rhodium revealed that it had raised $11.9 million, according to a Securities and Exchange Commission (SEC) filing on Sept. 19. Rhodium also revealed its merger with Silversun Technologies on September 29. Two days ago, Merkle Standard held a ribbon-cutting party as it opened a new mining facility in Spartanburg, South Carolina.

Rhodium raises $11.9 million and reveals its merger with Silversun Technologies

The recently submitted SEC Form D registration demonstrates this Rhodium Enterprises, Inc. It raised $ 11.9 million this month, according to a stock-exempt offer notice deposit Published September 19, 2022. Ten days later, Rhodium and Silversun Technologies Hinge The two companies will be merged.

The newly merged operating plans to apply for public listing and the business combination is expected to be settled by the end of the year. Texas-based Rhodium uses “proprietary technology to mine bitcoins on their own,” according to the company’s website.

Cleanspark Hashrate exceeds 4 excavations per second

After a number of announcements over the past three months, Cleanspark, Inc. (Nasdaq: CLSK) said Tuesday that the company’s mining operations have exceeded 4 exahashes per second (EH/s). Cleanspark states that the company is on schedule to meet its year-end target of around 5 EH/s. Cleanspark CEO Zach Bradford said during the 4 EH/s important announcement that bitcoin mining can decarbonize the economy.

“Bitcoin mining, when done with a focus on low-carbon energy sources, can accelerate decarbonization of our economy,” Bradford note. “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 resilient, abundant and clean.”

Merkle Standard opens data center in Spartanburg, South Carolina

On Tuesday, Merkle Standard held a ribbon-cutting party at the data center with Spartanburg County residents, South Carolina Treasurer Curtis Loftis and BV Power and Congressman William Timmons (R-SC). “This is the future, so digital assets are going to be a part of our lives in the future, and it’s great to be at the forefront,” He said during the ceremony.

According to local news ReportsThe new Merkle Standard facility is a $35 million investment in the Spartanburg County area. Timmons also noted Tuesday that Merkle Standard’s new data center has created nearly two dozen jobs for the county, and added that the number is expected to grow.

Tags in this story

$11.9 Million, 4 EH/s, 5 EH/s, Bitcoin Mining, Bitcoin Mining, BTC Mining, BTC Mining, BV Power, Cleanspark, Curtis Loftis, Data Center, Merger, Merkle Standard, Bitcoin Mining, BTC Mining, Mining Facilities , Mining Rigs, Rhodium and Rhodium, Silverson Technologies, Silverson Technologies, South Carolina, Spartanburg County, Texas, William Timmons, Zack Bradford

What do you think of the expansions of bitcoin mining operations over the past week amid the downturn in the crypto winter? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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