Home Blockchain Applied Blockchain Changes Name, Reaches Agreement to Purchase Land in North Dakota CryptoGlobe

Applied Blockchain Changes Name, Reaches Agreement to Purchase Land in North Dakota CryptoGlobe

Applied Blockchain Changes Name, Reaches Agreement to Purchase Land in North Dakota CryptoGlobe

This week, mining company Applied Blockchain announced that it was changing its company name to Applied Digital. Additionally, the mining operation released 2022 financial results and operational updates indicating that the mining company entered into a purchase agreement on August 15 for land in North Dakota.

Applied Digital Reaches Purchase Agreement Aug. 15, Expected to Open Q3 2022

Another mining company is reporting expansion updates as Applied Digital (formerly Applied Blockchain) revealed that it reached a purchase agreement on August 15. The agreement will add a second mining facility in the state of North Dakota. The company news follows the company securing a $15 million loan to finance the growth and “construction of its data centers”.

Applied digital said, on August 25, that it changed the company’s name to “reflect the company’s broader business opportunities within larger high-power computing (HPC) applications.” On the same day, it published a financial and operational report update which reveals the new purchase contract.

“[Applied Digital’s] the third co-hosted facility will be in North Dakota, at a different location from its current Jamestown facility. As previously announced, the company has signed a letter of intent with a utility and is in the final stages of design and pre-construction,” the company detailed. “On August 15, 2022, [Applied Digital] entered into an agreement to purchase greenfield land in North Dakota for the construction of the facility. Groundbreaking is scheduled for the third calendar quarter of 2022.”

The company added:

A significant part of the electrical capacity of this site has already been contracted by Marathon under its 200 MW contract with an option for the remaining capacity of the site.

Applied Digital joins a slew of expanding mining operations in 2022 despite the harsh crypto winter and the low market value of digital assets. Genesis Digital Assets announcement that the company secured 708 megawatts (MW) of capacity in the first half of 2022. Cleanspark recently disclosed acquired a plug-and-play facility with a capacity of 86 MW after rating it secure thousands ASIC mining devices at a “reduced price”.

Keywords in this story

2022, Blockchain applied, Applied digital, Bitcoin miners, Bitcoin mining, Bitcoin Mining Expansion, bitcoin mining, BTC mining, Cleanspark, crypto miners, Extensions, Genesis Digital Assets, revolutionary, Marathon, mining, New website, North Dakota, North Dakota Bitcoin, q3

What do you think of the announcement of the Applied Digital purchase agreement? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News about disruptive protocols emerging today.

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