The Denver-based gas-to-bitcoin infrastructure firm Crusoe Energy introduced on Wednesday that it acquired the working property of Great American Mining (GAM). The acquisition provides Crusoe over 10 megawatts (MW) of mining capability and 4,000 ASIC mining rigs.
Digital Flare Mitigation Firm Crusoe Energy Acquires Great American Mining’s Assets, Acquisition Adds Approximately 9% to Company’s Capacity
On October 12, 2022, the digital flare mitigation (DFM) firm Crusoe Energy introduced that it has acquired the property of Great American Mining (GAM). Through the deal, not solely does Crusoe get 10 MW of capability and 4,000 ASIC mining units, it additionally will profit from “commercial relationships with several large-scale energy producers in the Bakken region of North Dakota and Montana.”
Furthermore, it additionally has acquired a brand new facility in Ponchatoula, LA which might be used for Crusoe’s new analysis and improvement (R&D) heart. The information follows Crusoe’s points with the rival agency Alkane Midstream LLC in August, and the firm elevating $505 million in April 2022.
The latest acquisition introduced on Wednesday particulars that GAM’s property add “approximately 9% to Crusoe’s capacity.” The firm may have 125 flare gas-powered modular knowledge facilities on the website and it’ll assist “reduce flaring by approximately 20 million cubic feet per day.”
“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,” Crusoe’s co-founder and CEO Chase Lochmiller stated throughout the announcement.
Crusoe says the deployed capability permits the firm to cut back an estimated 800,000 metric tons of CO2-equivalent emissions every year. The deployed capability is equal to eradicating 170,000 vehicles from the highway, Crusoe highlights.
“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,” Todd Garland the CEO and founder of GAM famous.
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