Crusoe Energy, a Denver-based gas-to-bitcoin infrastructure company, announced Wednesday it has acquired the operating assets of Great American Mining (GAM). The acquisition will give Crusoe more than 10 megawatts (MW) of mining capacity and 4,000 ASIC mining rigs.
Digital flare mitigation company Crusoe Energy acquires assets of Great American Mining, acquisition increases company’s capacity by approximately 9%
On October 12, 2022, Digital Flare Mitigation (DFM) companyannounced that Crusoe Energyhas acquired the assets of Great American Mining (GAM). With this acquisition, Crusoe not only gains 10 MW of capacity and 4,000 ASIC mining devices, but also benefits from “commercial relationships with several large energy producers in North Dakota and the Bakken region of Montana.”
In addition, a new facility will be acquired in Ponchatoula, LA, to serve as Crusoe’s new research and development (R&D) center. The news comes on the heels of Crusoe’s August problems with rival Alcan Midstream LLC, for which the company raised $505 million in April 2022.
The recent acquisitionannounced Wednesday details that GAM’s assets will “add approximately 9% to Crusoe’s capacity.” The company has 125 flare gas-driven modular data centers on the site, which will help “reduce flaring by approximately 20 million cubic feet per day.”
“We value the relationships established by Great American Mining with oil and gas producers in the Bakken field and look forward to developing these relationships to enhance and expand our DFM operations wherever flaring can be a challenge. ” Crusoe co-founder and CEO Chase Lochmiller said at the time of the announcement.
According to Crusoe, the deployed capacity will reduce emissions by an estimated 800,000 tons of CO2 equivalent annually. This is equivalent to taking 170,000 cars off the road, Crusoe stresses.
“Great American Mining’s belief is that bitcoin mining is an important solution to the problem of stranded gas and flaring,” said Todd Garland, CEO and founder of GAM.
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