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Applied Digital Corp designs, develops and operates next-generation datacenters across North America to provide digital infrastructure solutions to the rapidly growing high-performance computing industry. The company recently entered into a private financing agreement with a single investor where it issued a $42,131,579 unsecured convertible debenture. The debenture bears no interest and has a term of 54 weeks.
Applied Blockchain, Inc. (PINK: APLD) announced the filing of a registration statement on Form S-1 with the SEC for a proposed public offering of common stock. The offering's share count and price range are yet to be determined and are dependent on market conditions. The company aims to list on The Nasdaq Global Select Market under the ticker symbol 'APLD.' B. Riley Securities is the book-running manager for the offering. A prospectus will be available upon filing effectiveness, and the offering cannot commence until then.
Applied Blockchain announced a significant increase in long-term hosting contracts, adding 70MW, totaling 185MW, which represents a 61% increase. This expansion showcases the company's commitment to addressing the growing demand for cryptocurrency mining solutions. CEO Wes Cummins highlighted the company's strategic infrastructure development and its goal to be a leading provider in hosting services. Additionally, the company plans to launch a new 50MW hosting facility by the end of 2021, with further capacity scaling expected in early 2022.
Applied Blockchain announced a major expansion of its services agreement with a strategic partner to include mining pool services. This partnership grants access to technology and support that previously powered the largest Ethereum mining pool, which served over 22% of the global Ethereum hashrate. The collaboration enhances Applied Blockchain's infrastructure capabilities, enabling it to offer GPU and ASIC mining pool services efficiently. The company aims to leverage proven technology to scale its offerings in the blockchain space.
Applied Blockchain has received regulatory approval from the State of North Dakota for its Electric Service Agreement (ESA), paving the way for its entry into the crypto hosting business. The ESA provides up to 100 megawatts of power, effective from August 4, 2021. CEO Wes Cummins highlighted this approval as a significant milestone, following the recent groundbreaking of their first hosting facility. The company has established long-term hosting agreements for 115 Megawatts with partners like Bitmain and GMR, aiming to operationalize 50 megawatts by year-end, with another 50 megawatts early next year.
Applied Blockchain, Inc. (PINK: APLD) has reaffirmed its commitment to establishing mining operations in North America amidst a strategic shift following SparkPool's withdrawal from Ethereum mining services. CEO Wes Cummins stated that this change is not expected to impact Applied Blockchain's business. The company anticipates benefits from China's ongoing mining crackdown and is progressing with its first hosting facility in North Dakota, expected to be operational by year-end. Applied Blockchain engages in diverse crypto mining and infrastructure solutions globally.
Applied Blockchain, Inc. (PINK: APLD) will host a groundbreaking ceremony on September 14, 2021, at its inaugural hosting facility in Jamestown, North Dakota. The event will involve company representatives and local leaders, reflecting progress in the company's large-scale project. CEO Wes Cummins highlighted the completion of site selection, energy agreements, and long-term hosting contracts, indicating rapid development in the company's operations. Applied Blockchain focuses on high-performance crypto mining and has established partnerships to enhance its infrastructure.
Applied Blockchain has entered into an Energy Service Agreement with a utility partner for up to 100 megawatts of power over five years, effective August 4, 2021. This agreement supports its new crypto hosting business, following a $32.5 million capital raise. CEO Wes Cummins expects the first 50 megawatts operational by year-end 2021, with plans to expand to over 500 megawatts. Cummins will also present at the B. Riley Summer Summit on August 18, 2021.
Applied Blockchain, Inc. (APLD) has entered the crypto hosting business after closing a $32.5 million private placement led by Bitmain on July 30, 2021. This funding will facilitate land acquisition, facility construction, and project costs in North America, aiming to generate stable cash flow through long-term hosting agreements. The company plans to establish a data center capable of hosting up to 500 megawatts of power. Strategic partnerships with Bitmain, GMR, and SparkPool will support operational efforts in this new venture.
Applied Blockchain appointed Dr. Richard Nottenburg to its Board of Directors effective June 30, 2021, expanding the board to seven members, five of whom are independent. The CEO, Wes Cummins, highlighted Nottenburg's extensive experience in technology-focused businesses, which is expected to aid the company's operational scaling and supply chain management. Dr. Nottenburg has held leadership roles in various tech companies and is currently involved with several organizations focusing on security analytics and 5G technology. His expertise is expected to enhance shareholder value as the company advances in the altcoin mining space.
Applied Blockchain, Inc. (PINK: APLD) has launched its Ethereum/Altcoin mining operations with a $5 million investment in mining hardware, now installed in North America. This decision follows a pivot from an initial plan to deploy in China. The mining operation commenced on June 24, 2021, and is expected to reach over 200,000 MH/s in hash power, utilizing renewable energy. CEO Wes Cummins emphasized the importance of this transition in response to current market conditions and operational challenges.
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