According to a Tuesday report from Bloomberg, citing unnamed sources familiar with the matter, both companies have agreed to rent the mining facility of Whinstone Inc, a subsidiary of Frankfurt-based mining company Northern Bitcoin AG, owner of the world’s largest bitcoin mine, to conduct their mining operations.
Northern Bitcoin is no longer deeply involved in the mining of Bitcoin rather the company is currently focused on operating cryptocurrency mines for big investment companies and this includes renting out its facilities.
Northern Bitcoin and Whinstone Inc were separate mining companies until they merged in 2019 to build the world’s largest mining facility in Texas so that they could rent mining capacities to large investors. Reports on the new mining facility revealed that the mine was built on over 100 acres of land.
Earlier in December 2019, the company had said that the capacity of its data center in Rockdale will move from an initial 300 megawatts to a whopping 1 gigawatts at the end of the year once it starts operation.
The unnamed sources further disclosed to Bloomberg that this lease contract between SBI Holdings, GMO Internet and Whinstone will boost Northern Bitcoin’s popularity which will, in turn, attract more investors.
Texas is notably popular for its abundance of cheap energy and renewable resources, especially wind, which according to statistics, made up of 20% of the electricity supply in the state last year.
The entry of institutional investors like GMO and SBI into the Bitcoin mining sphere has further increased the popularity of this digital currency whose price is still rising.
In September, Coinfomania reported that Northern Bitcoin completed tests for its innovative air-cooled crypto mining container for outdoor mining operations all year round.