Bitcoin Mining Continues to Expand Amidst Crypto Winter, As ‘Wasted Gas to Energy at Scale’ Converts – Mining Bitcoin News

The Bitcoin mining industry continues to expand as companies acquire more megawatts of capacity, build new facilities, and acquire thousands of application-specific integrated circuit (ASIC) mining rigs. On Friday, the firm Validus Power revealed that it has acquired two natural gas power plants in Ontario, Canada, which will become crypto mining facilities. On the same day, the company Applied Blockchain received a loan of 15 million dollars to finance growth and “development of the data centers”. While the growth of the bitcoin mining industry has been exponential, at the same time bitcoin mining is making a significant inroad towards cleaning up the world’s CO2 emissions.

Applied Blockchain secures $15 million in credit to build out data centers

While cryptocurrency markets have seen a significant slowdown over the past few months, that hasn’t stopped specific bitcoin miners from expanding. This week, for example, bitcoin miner Genesis Digital Assets announced that the firm secured 708 megawatts (MW) of capacity during the first half of 2022. After securing thousands of ASIC mining units at a discount, bitcoin miner Cleanspark announced earlier this week that it acquired a plug-in ready plant with 86 MW capacity.

On Friday, bitcoin mining hosting company Applied Blockchain announced that it secured a $15 million loan to continue its expansion. “[Applied Blockchain] intends to use the facility to repay its existing debt and provide additional liquidity to finance the development of its data centers,” the company noted during the announcement. “The new credit facility doubles our leveraged value at our Jamestown facility and provides us with additional capital to fund our growth plans and deliver on the growing demand from our customers,” explained Applied Blockchain’s Chairman and CEO, Wes Cummins.

Validus Power expands Ontario presence with plans to convert waste gas into Bitcoin with decent clean energy technology

While Applied Blockchain received a loan to pay off existing debt and build out infrastructure, Validus Power, a blockchain power solutions company, announced that the company is building out more data centers in Canada. Validus Power is in the midst of developing two crypto mining facilities in Kapuskasing and North Bay, Ontario, and has plans for data center construction in Iroquois Falls, Northern Ontario. The company bought the natural gas power plants from Northland Power in April 2022.

According to Validus, the Iroquois Falls plant is 120 MW and a natural gas-fired power plant. The Kingston location is also a natural gas-fired power station with 110 MW capacity. Last October, Validus announced its North Bay Power Plant, and it also entered into a partnership with Hut 8 Mining Corp. Like a myriad of bitcoin mining companies today, Validus Power also converts wasted gas into crypto.

On June 3, the company wrote about the “Mad Maxx Mobile Power Fleet,” which converts “waste gas into Bitcoin with decent clean energy technology.” Validus joins Crusoe Energy, Greenidge Generation, Upstream Data, Vespene Energy, EZ Blockchain and a host of others transforming wasted gas into bitcoin. The expansion of the bitcoin mining industry in 2022 not only sees growth, but the technologies behind bitcoin mining help the environment. The blog post Validus published last June says:

Through the use of propriety and proven technology, Validus Power is able to take unwanted and useless waste gas generated in the oil refining process and convert it into energy on a large scale.

What do you think about Applied Blockchain getting funding for expansion and Validus Power expanding operations in Ontario, Canada? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.