Ken Chigbo
Independent Analyst
- 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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume
Decentralized exchange (DEX) PancakeSwap (CAKE) announced in an official tweet that it has crossed $1 billion in trade volume on the Layer 2 chain, Base. CAKE on-chain metrics support the thesis of a recovery in the DEX token’s price.
Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt
Shiba Inu (SHIB), the second-largest meme coin in the crypto ecosystem, recently hit a milestone in the volume of tokens burned. Shiba Inu has burnt over 410.72 trillion SHIB tokens since the inception of the burn mechanism in the project, worth over $9 billion.
Dogwifhat crashes 60%, but here's why you should not buy WIF yet Premium
Dogwifhat (WIF) price shows a slowdown in the bearish momentum as it sets up a potential range. This development could lead to a good buying opportunity from a long-term perspective.
XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference
XRP is struggling with resistance at $0.50 as Ripple and the US Securities and Exchange Commission (SEC) are gearing up for the final pretrial conference on Tuesday at a New York court.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.