Northern Bitcoin AG to Add 4,475 ASIC BTC Miners to Its Arsenal

German Bitcoin mining firm Northern Bitcoin AG today announced that it has signed a purchase agreement to buy 4,475 ASIC miners.

The miner approached two Chinese mining hardware maker - Cannan Creative and Bitmain - to purchase the machines.

An efficient approach to mine Bitcoin

Though Northern Bitcoin AG’s headquarters are in Frankfurt, the company’s mining sites are in Norway. According to the company, it operates a sustainable mining operation from green energy generated in the region.

The company has 21 mobile mining containers deployed in the country, generating 55 petahashes per second. With the recent purchase of mining hardware, it aims to double its capacity to around 112 petahashes per second.

Commenting on the acquisition, Moritz F. Jäger, CTO of Northern Bitcoin AG, said: “The acquisition of the sought-after hardware is a great success for our company. With the doubling of our mining equipment just a few days after the start of our global scaling, we are setting the pace with which we aim to take a leading position in the fast-growing Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term industry in the coming years.”

Unlike other miners, the German company is more focused on developing an efficient yet sustainable way of mining digital assets. Last year, it partnered with several IT suppliers to make a mobile mining container that enables the company to roll out a sustainable solution for cost-efficient mining of the Bitcoin in the shortest possible time.

Though with the crash of 2018, the Bitcoin mining industry slowed down, it is again gaining popularity with the recent bull run. However, the climbing prices of the coin also made it very tough for the miners to mine the coin as the Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term recently touched its peak.

Bitcoin mining hashrate is at all time high! And @RSKSmart surpassed 51% of the miner engagement. A truly historical moment! pic.twitter.com/HnXp9N0pZa

— Sergio Demian Lerner (@SDLerner) June 25, 2019

As of press time, Bitcoin is trading at $10,685, after losing more than seven percent in the last 24 hours. The coin peaked at $13,775 on June 27, but could not hold the price due to increased selling pressure.