Crusoe Energy Systems acquired operating assets of Great American Mining, indicating consolidation of BTC mining

  • Ultramining.com
  • 15:16 Oct 13, 2022
  • 236
Crusoe Energy Systems acquired operating assets of Great American Mining, indicating consolidation of BTC mining

With the complexity of bitcoin mining on the rise, but its profitability on the decline, Crusoe Energy Systems has decided to invest in the operating assets of Bitcoin handheld mining operator Great American Mining (GAM).

This merger will give some profit to these organizations. We're talking about Crusoe adding more than 10 megawatts (MW) of mining capacity and about 4,000 specialized integrated circuits (ASICs) for cryptocurrency mining. This will increase the company's overall hash rate by 9 percent.

What GAM is popular for

This organization builds and hosts dedicated mobile installations that allow efficient mining of virtual coins. Predominantly BTC. Natural gas is used as a source of energy. This resource is abundant in oil and gas companies.

What's in it for Crusoe

The company will get more than a hundred mobile containers with mining devices. It will also help minimize carbon dioxide emissions, the organization says.

Marcus Thielen, head of research and strategy at digital asset services platform Matrixport, commented to Foreign Information Portal. According to the specialist, a significant portion of the hash rate of mining moved to the United States over the past two years has led to an increased demand for virtual coin mining devices.

Despite the fact that the industry is operating in a serious economic downturn. And unstable yields, as far as BTC mining is concerned.

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