Whinstone US and Northern Bitcoin AG announce merger in an effort to create the largest bitcoin mining facility in the world
Whinstone, a Louisiana-based data center business, and Northern Bitcoin, a Germany-based bitcoin mining firm, have announced a merger. The companies aim to create the largest Bitcoin mining facility in the world. Based in Texas, the facility would span over 100-acres and host one gigawatt of capacity. The facility will be constructed in three phases with the first beginning in Q1 2020 and the third scheduled to be completed in Q4 2020.
Why it matters:
- Texas appears to be shaping up into a cryptocurrency mining powerhouse. The announcement follows news of Bitmain’s recently launched Texas based mining facility, which currently claims to be the world’s largest, and Layer 1’s recently announced $50 million series A funding round, whose proceeds will be used to build a vertically integrated mining company in Texas.
- A common criticism of Bitcoin mining is that it is geographically centralized in China, with research estimates showing that China accounts for up to 70% of the hashing power dedicated to Bitcoin mining. Recent initiatives to build out mining capacity in the United States play an important role in quieting this narrative.
Let us know what you loved about the report, what may be missing, or share any other feedback by filling out this short form. All responses are subject to our Privacy Policy and Terms of Service.