Bitcoin mining buys 5000 mining rigs from Bitmain, as hash rate jumps again to all-time high
- Germany based mining company Northern Bitcon has expanded its mining operations.
- Their base in Norway where the mining takes place has purchased some 5000 mining rigs.
Bitcoin (BTC) mining company Northern Bitcoin, based in Germany, announced a deal in signing to buy around 5,000 mining rigs from Bitmain and Canaan Creative according to a company press release.
The company has a HQ based in Frankfurt, Germany, with full operations at a site in Norway, is aiming at doubling its capacity, currently operating with 55 petahashes per second.
Their focus is on the use of sustainable energy with this expansion, company officials explained, as the Bitcoin mining sector becomes more popular and greatly more competitive.
Northern Bitcoin CTO commented:
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.
It is worth noting that recently the Bitcoin network’s overall hash rate has once again hit another new record. As of 1st July, the number surpassed 69 quintillion hashes per second.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
