EQS-News: Northern Data AG / Key word(s): Cryptocurrency / Blockchain
Peak Mining, a Northern Data Group company, announces purchase of 300MW mining data center site
Frankfurt/Main – 11 December 2023 – Today Peak Mining, a Northern Data Group company, and global Bitcoin miner, has announced the purchase of a 33-acre, 300MW mining data center site in Corpus Christi, Texas. This investment represents a significant step forward in Northern Data Group’s investment strategy, driving a substantial increase in Peak Mining’s hash rate and BTC production.
The first phase of the buildout is underway and will deliver 100MW of mining capacity which will ramp up from Q1 2024. The site benefits from access the low-cost power at the Load Zone South of the ERCOT real-time energy market delivering high mining profitability. The site also includes a private substation and strengthens Peak Mining’s diversified portfolio of locations across Europe, Canada, and the US.
The facility will house the latest liquid-cooled mining hardware from MicroBT, following Peak Mining’s recent USD 150 million purchase. Peak Mining has already secured an option for an additional $150m of MicroBT mining hardware, which is earmarked for the further expansion of this location to its full 300MW potential.
This purchase is in quick succession to the recently announced commencement of construction for a 30MW facility in Grand Forks, North Dakota, expected to be fully operational in Q1 2024. These two projects alone, will ensure that Peak Mining delivers its planned increase to over 7 EH next year. Both sites will benefit from much more efficient hardware, in preparation for the upcoming halving.
Saxet Infrastructure Group (“Saxet”) has been managing the pre-development of the site to date and will act as construction manager to oversee the build. The Saxet team brings a strong track record of project management and deep expertise with the construction of (renewable) energy infrastructure.
Niek Beudeker, Managing Director at Peak Mining, commented:
“We are excited to acquire this location, which offers a rare opportunity to quickly and substantively expand our mining capacity, ahead of next year’s halving. ERCOT remains one of the most attractive power markets for mining, providing low-cost power from largely renewable sources and the ability to actively participate in demand response programs.
Aroosh Thillainathan, Northern Data Group’s Chief Executive Officer, commented:
“Across all Northern Data Group companies, we are committed to identifying sustainable value accretive assets. This site in Texas meets these requirements with substantial opportunities for expansion in the near-future.
Steven Quisenberry, Chief Executive Officer at Saxet Infrastructure Group, commented:
“We are excited to support Northern Data’s expansion in the ERCOT market and specifically to welcome them to the Corpus Christi area. The combination of base load industrial demand and significant renewable resources creates a unique opportunity for their portfolio. This is a terrific example of one of the largest, most advanced liquid-cooled data centers in North America and we are proud to partner with Northern Data to bring their data center online.”
Northern Data Group was advised on the transaction by Katten Muchin Rosenman LLP (Legal Counsel), BitOoda Technologies LLC and Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (Finance and Strategic Advisory).
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