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Despite the market downturn, the Bitcoin mining industry announces mergers, hashrate increases, and new facilities.

By Anonymous

Despite the market downturn, the Bitcoin mining industry announces mergers, hashrate increases, and new facilities. 



Even though bitcoin is down more than 72% from its all-time high, mining operations are growing quickly in the face of the decline. According to a September 19 Securities and Exchange Commission (SEC) Form D filing, the Texas mining startup Rhodium disclosed it received $11.9 million on Tuesday, while the bitcoin miner Cleanspark claimed its hashrate had topped 4 exahash per second (EH/s). On September 29, Rhodium revealed a merger with Silversun Technologies. Merkle Standard celebrated the opening of a new mining plant in Spartanburg, South Carolina, with a ribbon-cutting event two days ago.

Rhodium Announces Merger With Silversun Technologies After Raising $11.9 Million

According to a notice of an exempt offering of securities filed on September 19, 2022, Rhodium Enterprises, Inc. raised $11.9 million this month, according to a recently filed SEC Form D registration. Ten days later, Rhodium and Silversun Technologies announced their intention to merge their two businesses. 

The business combination is anticipated to be completed by the end of the year, and the newly combined organization aims to submit an application for a public listing. According to the company website, Texas-based Rhodium uses "proprietary tech to self-mine bitcoin."

Cleanspark Hashrate is greater than 4 Exahashes per second.

Cleanspark, Inc. (Nasdaq: CLSK) announced on Tuesday that the company's mining activities have topped 4 exahash per second (EH/s), following a number of announcements over the previous three months. According to Cleanspark, the business will achieve its end-of-year target of roughly 5 EH/s on track. During the announcement of the 4 EH/s milestone, Cleanspark's CEO Zach Bradford stated that bitcoin mining can help reduce carbon emissions in the economy.

"Bitcoin mining can speed up the decarbonization of our economy if done with a focus on low-carbon energy sources, according to Bradford. "Bitcoin is the only industry that can achieve this. Bitcoin is a technology that, in addition to altering our financial system, has the potential to transform our energy systems by making them more dependable, plentiful, and clean."

The opening of a data center by Merkle Standard in Spartanburg, South Carolina

Tuesday saw a ribbon-cutting ceremony for a data center hosted by Merkle Standard that included Spartanburg County citizens, South Carolina state treasurer Curtis Loftis, BV Power, and congressman William Timmons (R-SC). Digital assets will be a part of our lives in the future, so it's wonderful that we're on the cutting edge, Timmons remarked at the ceremony.

Merkle Standard's new plant, according to local press reports, represents a $35 million investment in the Spartanburg county region. Timmons stated on Tuesday that the county has gained about two dozen new jobs as a result of Merkle Standard's new data center, and he predicted that this number will rise.

Article Credit: Bitcoin.com

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