Peak Mining has announced the purchase of a 300MW mining data centre site in Corpus Christi, Texas. Peak Mining is part of Northern Data Group and a player in global Bitcoin mining.
This move signifies a major expansion in Northern Data Group’s investment strategy, aiming to substantially increase Peak Mining’s hash rate and Bitcoin production.
The 33-acre site, set to begin its first phase of development in early 2024, will initially deliver 100MW of mining capacity. It boasts several key features, including a private substation and access to the Electric Reliability Council of Texas (ERCOT) Load Zone South energy market, enhancing the profitability of mining operations.
Niek Beudeker, Managing Director at Peak Mining, said: “We are excited to acquire this location, which offers a rare opportunity to quickly and substantively expand our mining capacity, ahead of next year’s halving. With a more moderate climate it also allows for better cooling and mining efficiency compared to West Texas.”
Beudeker highlighted the advantages of the ERCOT market, known for its low-cost power from renewable sources and the potential for participation in demand response programs.
The Corpus Christi facility will be equipped with liquid-cooled mining hardware from MicroBT, following Peak Mining’s recent investment of £119.2 million ($150 million). An additional £119.2 million has been earmarked for further expansion of this site, aiming to maximise its 300MW potential.
This development follows the recent initiation of a 30MW facility in Grand Forks, North Dakota, expected to be fully operational by early 2024.
These two projects are crucial for Peak Mining’s strategy to surpass 7 EH in hash rate next year, with both sites featuring significantly more efficient hardware in preparation for the upcoming Bitcoin halving.
Aroosh Thillainathan, CEO of Northern Data Group, said: “This marks a landmark investment for Peak Mining as it scales its Bitcoin mining capabilities, further strengthening the Group’s overall position within the global High Performance Computing market,” he stated.
Peak Mining has global presence at data centre sites across Europe, Canada, and the US.
Steven Quisenberry, Chief Executive Officer at Saxet Infrastructure Group, which has been managing the pre-development of the site, said: “We are excited to support Northern Data’s expansion in the ERCOT market and specifically to welcome them to the Corpus Christi area.”
Quisenberry emphasised the unique opportunity presented by the combination of industrial demand and renewable resources in the area.
The acquisition of this new site in Texas by Peak Mining, with legal counsel from Katten Muchin Rosenman LLP and financial advice from BitOoda Technologies LLC and Cohen & Company Capital Markets, represents a significant step in expanding their Bitcoin mining operations.