Frankfurt-based Northern Bitcoin AG has agreed to merge with its competitor, Whinstone U.S., Inc., which operates its own crypto mining site in Louisiana. In a statement, Northern Bitcoin said the transaction is expected to be completed by early 2020, paving the way for the joint venture to establish itself as a global leader in crypto mining.
“With this merger, we are catapulting ourselves faster than originally planned to the top of the world in Bitcoin mining. Whinstone’s team has done a great job over the past few years and is proving its leadership in the blockchain industry by building the world’s largest mining facility,” said Mathis Schultz, CEO of Northern Bitcoin AG. “Together, we have a dominant leadership position in this fast-growing industry and are well-positioned to benefit significantly from the future development of blockchain technology.”
The Whinstone Group has a successful track record in the blockchain industry since 2014 and has established and operated mining facilities in the Netherlands, Sweden, and the U.S. Parts of the experienced Whinstone management team are expected to complement the management board of Northern Bitcoin AG.
Aroosh Thillainathan, co-founder and managing director of Whinstone U.S., expects the joint venture “to shape the future course of the global mining industry.”
Whinstone is building what could be the biggest crypto mining facility worldwide. It has a capacity of 1GW and is located on over 100 acres of land in Texas. The first two customers of the new site are stock-listed corporations that will use a significant portion of the capacity for crypto mining. Once the first phase is completed in Q1 of 2020, the firm will have over 300MW of capacity. The total facility capacity of 1GW is expected to be available in the fourth quarter of 2020.