JAMESTOWN, ND – A Texas-based company is electrically rooting in the soil of Stutsman County. But, Applied Blockchain is not here for the rich soil. They are there for the cold winters.
“North Dakota was perfect for what we do and we just found some great partners in Jamestown who want to see this project progress as much as we do,” said Regina Ingel, Executive Vice President of Applied Blockchain Inc.
The company’s new facility was inaugurated on Tuesday, September 14, and will use a massive amount of electronic equipment to mine the cryptocurrency.
“We are in the kingdom of 33,000 mining machines, and we will be staffing our facility, it will be 24/7,” Ingel said.
Cold weather is ideal because the equipment needs to be as cool as possible to stay in good working order. Ingel said they plan to hire 30 people to work around the clock.
“Customers contact us to host their equipment,” Ingel added. “So the most common equipment is ASIC miners.”
Cryptocurrencies are independent virtual currencies, a type of investment that works like stock markets.
The value of a single Bitcoin soared above $ 63,000 earlier this year. It came down to around $ 45,000 on Tuesday, but that’s still more than its value in July, when it dropped to around $ 30,000.
This new facility will mine Bitcoin, Etherium, and other types of crypto. The company plans to start operations at the facility by the end of 2021.