Creek Road Miners Buys 600 Bitcoin Mining Machines from Bitmain

On December 23, Creek Road Miners, Inc., a cryptocurrency mining company, announced that it has bought 600 Bitmain Antminer S19xp (140Th) machines as part of its efforts to expand its crypto mining Crypto Mining Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Read this Term capabilities and to acquire more mining revenue. Once installed, these machines are expected to add over 125 Petahash (Ph/s) per second in hashing power to the company’s existing operations. However, the company did not disclose the financial terms.

Scott D. Kaufman, the Chief Executive Officer of Creek Road Miners, talked about the purchase: “In 2022, we are working towards scaling our operations by executing our Five Cornerstone Strategy. We truly value and appreciate BITMAIN’s ongoing support as we work towards achieving our strategic growth initiatives.”

The purchase follows one week after Creek Road Miners announced its plans to start the process of uplifting to a national securities exchange. The company selected NYSE American stock exchange for the uplifting. However, completion of the uplifting is subject to meeting certain requirements and the approval of the exchange.

Mining Delayed by Supply Chain Crisis

The announcement by Creek Road Miners comes at a time when crypto mining machines are continuously in demand by companies. Further, Institutions continue grabbing Bitcoin miners amid the crypto’s recent price rally.

Last month, Fortress Technologies Bitcoin mining firm ordered 4,500 Bitmain Antminer S19j Pro machines to obtain a greater share of mining revenue. This month, TeraWulf Inc BTC mining company purchased 15,000 computers from Bitmain Technologies Limited for about $169 million and installed the machines at its mining facility in upstate New York. To date, over ten companies have announced bulk pre-orders of Bitcoin mining machines whose value is worth more than $500 million.

In the ongoing boom surrounding Bitcoin, mining firms are scrambling to mine as much of the currency as they can. However, business is being hindered by China’s crypto crackdown, the Covid-19 pandemic and the traffic jam in the global supply chain. The stopped-up channels of global commerce and trade have especially delayed shipments of machines that run day and night to mine Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term.