Applied Blockchain Changes Name, Enters Purchase Agreement for Land in North Dakota

Applied Blockchain Changes Name, Enters Purchase Agreement for Land in North Dakota

This week the mining operation Applied Blockchain announced that it is changing its company name to Applied Digital. Furthermore, the mining operation released 2022 financial results and operational updates that noted that the mining firm entered a purchase agreement on August 15 for land in North Dakota. Applied Digital Enters Purchase Agreement on August 15, Groundbreaking Planned for Q3 2022

Another mining company is reporting expansion updates as Applied Digital (formerly Applied Blockchain) has revealed it has entered a purchase agreement on August 15. The deal will add a second mining facility in the state of North Dakota. The company’s news follows the firm getting a $15 million loan to fund growth and “buildout of its data centers.”

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

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

The company added: A meaningful portion of the power capacity at this site has already been contracted by Marathon as part of their 200MW contract with an option for the remaining capacity at the site.

Applied Digital joins a slew of mining operations expanding in 2022 despite the harsh crypto winter and low digital asset market values. Genesis Digital Assets announced that the firm secured 708 megawatts (MW) in capacity during the first half of 2022. Cleanspark recently revealed it acquired a plug-in-ready facility with 86 MW of capacity after it noted it secured thousands of ASIC mining devices at a “discounted price.” Tags in this story 2022, Applied Blockchain, Applied Digital, Bitcoin Miners, Bitcoin mining, Bitcoin Mining Expansion, bitcoin mining operation, BTC Mining, Cleanspark, crypto miners, Expansions, Genesis Digital Assets, Groundbreaking, Marathon, mining, New Site, North Dakota, North Dakota bitcoin, q3

What do you think about Applied Digital’s purchase agreement announcement? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today. Bitcoin"s Hashrate Skyrockets, Block Intervals Suggest a "Notable" Difficulty Increase Is in the Cards MINING | 1 day ago Ethereum Classic"s Hashrate Taps Another All-Time High Following Ethereum"s Hardened Merge Timeline MINING | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCrypto Economy Slides Under $1 Trillion, as Bitcoin and Ethereum Dive Below Previous Support Zones Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher