Northern Data AG, a European data infrastructure company, recently sold its American subsidiary, “Whinstone Inc,” to “Riot”.
“Riot” will control mining operations planned by “Whinstone” in Texas, USA.
According to a press release issued by “Northern Data”, the value of the deal is:
- 67 million euros in cash (80 million dollars).
- In addition to 12% of the shares of “Riot” valued at more than $ 570 million.
Meaning, the entire deal amounts to more than $ 650 million.
For your information, “Northern Data Whinstone” previously announced, in November 2019, the establishment of the largest data center in North America and the largest Bitcoin mining facility in the world.
The one gigawatt facility, which is located on 42 hectares in Rockdale, Texas, was to be completed by the end of 2020.
The videos posted on the “Whinstone” page on “Facebook” show that it has made great progress despite the difficulties imposed by the Corona pandemic.
According to Northern Data, the data center is already operating, although it is unclear whether Bitcoin is being mined there or is still in preparation.
Northern Data plans to use the proceeds to expand its HPC sites around the world.
It is worth noting that “Riot” is not the only bitcoin mining company focused on bitcoin mining in Texas, as “Bitmain” – a China-based mining equipment maker, one of the largest bitcoin mining companies in the world – has set up operations in an abandoned aluminum factory. In Texas, too.
Texas has become a popular destination in the USA for mining companies, due to the state’s lighting systems and its relatively inexpensive electricity.