Crusoe Energy, a Denver-based provider of gas-to-bitcoin infrastructure, declared on Wednesday that it had acquired the operational assets of Great American Mining (GAM). Crusoe now has over 10 MW of Bitcoin mining power and 4,000 ASIC mining machines thanks to the acquisition.
Crusoe Energy, a company that specializes in digital flare mitigation, buys the assets of Great American Mining, increasing the company’s capacity by about 9%.
The assets of Great American Mining have been bought, according to an announcement made by Crusoe Energy on October 12, 2022. (GAM). Along with receiving 10 MW of power and 4,000 ASIC mining units as part of the agreement, Crusoe will also get “business contacts with numerous large-scale energy producers in the Bakken region of North Dakota and Montana.”
Additionally, it has purchased a brand-new building in Ponchatoula, Louisiana, which will be home to Crusoe’s newest research and development (R&D) center. The revelation comes after Crusoe’s disagreements with Alkane Midstream LLC, a competing company, in August and the company’s $505 million capital round in April 2022.
According to the recent acquisition disclosed on Wednesday, GAM’s assets increase Crusoe’s capacity by “around 9%.” The company plans to build 125 modular data centers fueled by flare gas at the location, which it says will “decrease flaring by about 20 million cubic feet per day.”
The co-founder and CEO of Crusoe, Chase Lochmiller, said during the announcement, “We value the relationships established by Great American Mining with oil and gas producers in the Bakken oil fields, and look forward to developing these relationships to enhance and expand DFM operations wherever flaring may be a challenge.”
According to Crusoe, the company can reduce its annual CO2-equivalent emissions by an estimated 800,000 metric tons thanks to the capacity that has been deployed. Crusoe emphasizes that the deployed capacity is equivalent to taking 170,000 automobiles off the road.
We at Great American Mining believe that bitcoin mining offers a significant answer to the issues of stranded gas and flaring, which have long thwarted the oil and gas sector’s efforts to enhance environmental performance and make optimal use of Earth’s natural resources. Todd Garland, the CEO, and founder of GAM noted.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/10/25/gas-to-bitcoin-firm-crusoe-energy-acquires-the-operating-assets-of-great-american-mining/