BlockchainApplied Blockchain, Inc. Executes Purchase Agreement for Mining

PRNewswire PRNewswireMay 31, 20214 min

Miners will be hosted in North America; Expected to be online in the coming weeks

Applied Blockchain, Inc. (OTC: APLD), today announced it has executed a Purchase Agreement with Sparkpool, the largest Ethereum mining pool in the world, to procure NVIDIA GPUs as part of the company’s plan to scale a large Ethereum / Altcoin mining operation. This purchase represents the company’s planned initial deployment of $5 million of mining hardware (cost of $23 per Mh/s) discussed in its presentation in April.

The assets, which will be powered entirely by low-cost renewable energy, are expected to be operational by mid-June. Mining is expected to commence at an initial hash power exceeding 200,000 MH/s. With recent discussions of a crackdown on mining operations, management made the strategic decision to revise its plans and locate the hardware in North America instead of China.

“Having just launched our business last month, this agreement signals our rapid movement to deploy capital and scale our crypto-mining operations,” said Applied Blockchain, Inc.’s CEO and Chairman, Wes Cummins. “While initial operations will come online a few weeks later than originally planned, we felt it was essential to pivot our deployment in light of current market conditions. Importantly, we are still scaling our operations with computing power that leverages low cost, clean power. After working out initial supply chain and deployment bottlenecks, the company will be in a position to rapidly scale hash power in the coming months.”

A video update from Mr. Cummins elaborating further, can be found under the Events and Presentations tab on the company website at appliedblockchaininc.com/events.

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