Despite Tough Market, This Bitcoin (BTC) Mining Company Made a Surprise Purchase!

Bitcoin (BTC) Mining company Crusoe Energy added 9% to its capacity by acquiring competitor Great American Mining (GAM), as the industry continued to consolidate amid a challenging market that is shrinking miners’ profit margins.

Over the past few months, miners have seen their profits dwindle due to the bear market and rising energy prices globally. Some turn to mergers and acquisitions to survive, while others take advantage of the opportunities that arise.

Bitcoin Mining Company Crusoe Will Take Over All Assets Of Competitor

Under the deal, Crusoe will take over all of GAM’s operating assets in five states, the firm said in a press release Wednesday.

These assets include more than 10 megawatts (MW) of operational Bitcoin mining capacity, approximately 4,000 application-specific integrated circuit (ASIC) mining devices, a manufacturing facility in Louisiana, 24 employees, and business relationships with several large-scale power producers in North Dakota and Montana. .

GAM’s facilities will use Crusoe’s patented technology for flammable gas reduction.

According to its website, GAM manufactures containers for Bitcoin mining in Ponchatoula, Louisiana and deploys them in North Dakota, Oklahoma, and Pennsylvania.

This acquisition will add approximately 9% to Crusoe’s capacity and thus the firm will have 125 deployed flare gas powered modular data centers.

This, in turn, will increase its capacity to reduce CO2 equivalent emissions to around 800,000 metric tons per year, equivalent to removing around 170,000 cars from circulation, the company said.

Crusoe and GAM use flare gas to mine BTC, meaning they use the excess gas released when drilling for fossil fuels to power their machines, thereby reducing their emissions.

Crusoe, flare gas cryptocurrency It works with oil producers in the Middle East for mining and has reportedly partnered with ExxonMobil.

*Not investment advice.