World’s Largest Crypto Mine Aims For $500 Million US-Based IPO

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As said this week when we discussed a possible 51% attack on Bitcoin by authoritarian states, the interest in the US for Bitcoin mining as a new industry type is heating up. With lots of empty factories and abundant electricity (whether green or not) at hand, new American companies are getting into crypto mining.

Earlier this week, even chipmaker Nvidia announced that they would soon launch a chip which would let you mine for Ethereum from your home computer.

Depending on whether or not it is profitable (aka depending on the price of Ethereum), you can then install a sound which warns you when you need to remote toggle your PC or not, just as Gilfoyle did in this classic Silicon Valley clip, using the song You Suffer by Napalm Death. Hilarious.

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Texas crypto mine

One of those new US mining companies is Northern Data, which is now aiming for an IPO of $500 million. The company’s HQ is nestled near the German financial hub Frankfurt and its biggest mining operation sits in Rockdale, Texas, where it plans to operate at 1 gigawatt by year-end. It is officially the world’s largest crypto mine.

Rumor on Bloomberg has it that Credit Suisse is helping the company prepare for an $500 million IPO on a US stock market.

Funny sidenote is that this means the former biggest crypto mine is now also in Texas, as back in 2019, Beijing-based company Bitmain (at that time the world’s largest maker of bitcoin-mining computers), had started a giant Bitcoin mine in one of the plants formerly occupied by Alcoa.

At the time of its announcement, the plant was on track to be the world’s largest bitcoin mine. It has now been stolen of that title by Northern Data.

At this moment, according to Statista data, China still holds the majority of Bitcoin mines, followed by the US, Russia and Kazakhstan. The US is said to plan on closing that gap as institutional money flowing into crypto means that the control of Bitcoin’s hash rate will become politically important.

kaiskynet / Depositph