Bitcoin Miner Crusoe Purchases Great American Mining

Crusoe Energy Systems, a bitcoin miner, purchased Great American Mining’s operational assets (GAM).

Crusoe will expand its fleet by over 10 megawatts and about 4,000 ASIC as part of the agreement, and a manufacturing facility in Ponchatoula, Louisiana will serve as Crusoe’s new site for research and development. Crusoe‘s overall capacity would rise by 9% as a result, according to the business.

“The acquisition integrates GAM’s operations into Crusoe’s DFM systems to utilize stranded and wasted energy resources to power modular data centers and enable energy-intensive computation,” it said in a statement Wednesday.

Crusoe will also benefit from the company’s commercial relationships with several large-scale energy producers in the Bakken region of North Dakota and Montana.

“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” Chase Lochmiller.

The Denver-based miner uses natural gas that would otherwise be vented to power modular data centers. It recently completed a $505 million Series C financing to fund the expansion of its mining business. The business announced at the time that it intended to increase its personnel to 250 individuals by the end of the year.

Crusoe previously announced the acquisition of electrical maker Easter-Owens Electric Co

Recently, there has been talk of industry consolidation in the bitcoin mining sector, and businesses like CleanSpark have already taken advantage of market conditions to acquire mining sites and thousands of mining equipment at deep discounts.

After being acquired by GAM, Crusoe will have 300 staff and about 125 modular data centers powered by flare gas.

“Our belief at Great American Mining is that bitcoin mining is an important solution to stranded gas and flaring problems – problems that have frustrated the oil & gas industry’s efforts to improve environmental performance and efficient use of Earth’s natural resources for decades,” said Todd Garland, founder and CEO of GAM.

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