Bitcoin

Applied Digital unveils a 200MW data center in Garden City, <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">Texas</a>. This addition makes it the third blockchain <a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/">hosting</a> facility by the company in North America. Upon full activation, Applied Digital's total <a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/">hosting</a> capacity will shoot up to 480MW, according to <a href="https://decrypt.co/202590/ai-and-bitcoin-mining-meet-in-new-texas-data-center">decrypt</a>. 
<a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/">Riot</a> Blockchain, a key player in the same state, operates a 1GW facility. In simpler terms, one MW can power nearly 16,666 standard home light bulbs. The entire Bitcoin network, for comparison, uses about 14.83 GW. 
Presently, Bitcoin's <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">hashrate</a> stands at around 400 exahashes per second. Applied Digital aims to support 7-8.5 EH, depending on the miner model. 
However, there's a twist. Applied Digital does not mine for itself. Instead, it hosts for "other miners." This model bagged them a revenue of $22 million in the quarter ending May 2023. 
Despite these achievements, the firm is steering away from Bitcoin mining. They're venturing into high-performance computing (HPC) – crucial for the AI sector. HPC, as noted by HIVE Digital Research Director Adam Sharp, yields higher profits per energy unit compared to Bitcoin mining. CEO Wes Cummins confirmed the company's focus on HPC/AI workloads. 
Investors, however, appear skeptical. The company's shares, listed as APLD on NASDAQ, dipped by 5.3% on Friday. Only time will reveal if this shift in strategy will win them over.

Garden City Welcomes Massive AI-Driven Mining Data Center

Ultramining_Eng

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