German Bitcoin mining firm Northern Bitcoin AG today announced that it has signed a purchase agreement to buy 4,475 ASIC miners.
The miner approached two Chinese mining hardware maker – Cannan Creative and Bitmain – to purchase the machines.
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Though Northern Bitcoin AG’s headquarters are in Frankfurt, the company’s mining sites are in Norway. According to the company, it operates a sustainable mining operation from green energy generated in the region.
The company has 21 mobile mining containers deployed in the country, generating 55 petahashes per second. With the recent purchase of mining hardware, it aims to double its capacity to around 112 petahashes per second.
Commenting on the acquisition, Moritz F. Jäger, CTO of Northern Bitcoin AG, said: “The acquisition of the sought-after hardware is a great success for our company. With the doubling of our mining equipment just a few days after the start of our global scaling, we are setting the pace with which we aim to take a leading position in the fast-growing blockchain industry in the coming years.”
Unlike other miners, the German company is more focused on developing an efficient yet sustainable way of mining digital assets. Last year, it partnered with several IT suppliers to make a mobile mining container that enables the company to roll out a sustainable solution for cost-efficient mining of the Bitcoin in the shortest possible time.
Though with the crash of 2018, the Bitcoin mining industry slowed down, it is again gaining popularity with the recent bull run. However, the climbing prices of the coin also made it very tough for the miners to mine the coin as the hash rate recently touched its peak.
Bitcoin mining hashrate is at all time high! And @RSKSmart surpassed 51% of the miner engagement. A truly historical moment! pic.twitter.com/HnXp9N0pZa
— Sergio Demian Lerner (@SDLerner) June 25, 2019
As of press time, Bitcoin is trading at $10,685, after losing more than seven percent in the last 24 hours. The coin peaked at $13,775 on June 27, but could not hold the price due to increased selling pressure.