Ikonics Corp (IKNX)

[tw0122]

The world’s leading producer of bitcoin mining hardware, Bitmain, announced today a signed purchase order of 30,000 units of its latest-generation Antminer S19j Pro mining rigs from bitcoin mining company TeraWulf.

“This agreement with Bitmain is the next step in TeraWulf’s plan to rapidly and efficiently scale our operations, which is based on a proven model for success,” Paul Prager, the chairman and CEO of TeraWulf, said in the announcement. “With Bitmain’s miners in place, we expect to substantially increase our total mining hash rate, furthering our efforts to generate environmentally sustainable bitcoin at an industrial scale.”

After full delivery and deployment of the purchased machines by June 2022, which is planned to happen over monthly deliveries starting in January 2022, TeraWulf expects to increase its total mining hash rate capacity by 3 exahashes per second (EH/s).

TeraWulf’s expansion could bring the company close to being the tenth-largest bitcoin mining operation by hash rate capacity if actualized. Presently, the North American company would fall right behind SBI Crypto’s 3.22 EH/s mining capacity and become the world’s 11th-biggest bitcoin miner, per BTC.com data.

This order of 30,000 Antminers follows a previous announcement by TeraWulf, in which it shared its plans to become a publicly-traded company in the United States. The bitcoin miner expects to list on the Nasdaq exchange through a merger agreement with IKONICS Corporation (Nasdaq: IKNX), an imaging technology company from Minnesota.

Additionally, TeraWulf also shared that it plans to generate environmentally-sustainable BTC at an industrial scale in the U.S., using over 90% zero-carbon energy from nuclear and hydro power sources. Du Shisheng, Bitmain mining division vice president, commented on TeraWulf’s vision and their recent order.

“Partnering with TeraWulf represents a big step forward in the transition to a more resilient, stable, and sustainable mining platform,” Shisheng said in the announcement. “We are excited to provide our most advanced bitcoin miners as they build the largest, most environmentally friendly bitcoin mining facility in North America.”