Cryptomining firm CryptoBlox Technologies has acquired liquid cooling specialist CryptoTherm.
Update: On February 2, 2023, CryptoBlox canceled the acquisition agreement.
CryptoTherm specializes in designing and building liquid-cooled data center containers specifically for cryptomining, as well as heat recapture products.
CryptoBlox said it will use CryptoTherm’s immersion cooling and thermal heat exchange technology as it grows its digital currency blockchain division. CryptoBlox added it would also allocate resources to grow CryptoTherm’s business of selling immersion pods, ASIC miners, 500kW & 1MW cryptovault containers, and cooling immersion fluids.
The deal will involve the issuance of 400 million common shares of CryptoTherm – for a deemed transaction value of $20 million.
CryptoBlox said CryptoTherm’s immersion cooling technology will strengthen the company’s intellectual property position within the digital currency market
“This is one of our most exciting investments and our most strategic acquisition to date,” said CryptoBox CEO Bryson Goodwin. “We believe the acquisition will allow us to significantly grow our digital currency blockchain division and unlock the incredible value of CryptoTherm.”
Austin Bank, CEO of CryptoTherm, said: “I am thrilled with this agreement with CryptoBlox. This acquisition will allow us to join forces and leverage our complementary strengths to achieve even greater success. I am confident that together, we will be able to explore new opportunities and unlock the full potential of our combined expertise and resources.”
CryptoBlox is developing a mining facility in Athabasca County in Alberta, Canada set to go live in the first half of 2023. The company has secured development rights to a site owned by an oil producer seeking to make use of natural gas associated with oil production that is currently flared. The initial planned capacity at the site will be 3.5-5MW, eventually rising to 10MW.
In other crypto news:
- iMining Technologies Inc. has signed a Letter of Intent to acquire power Plants with 90MW of capacity in Ontario, Canada. The company said the move is “another step in the company’s plans of developing sustainable energy and technology solutions” for data center operations.
iMining says it invests in energy infrastructure, blockchain technology, and the Web3.0 ecosystem. The company said the plans have existing agreements with the Ontario Grid to supply energy to the grid during highly profitable periods. In November 2022 the company acquired a 4MW peaking plant in Alberta.
- A 14MW cryptomine data center has been approved in Grand Island, Nebraska. Hall County officials this month approved the conditional use permit for the data center by a 6-1 vote. ArchGreen is looking to develop 2 acres of leased land on 60th Road in the Southern Public Power Energy Park. When operational in the summer, it will buy power from Southern Public Power.
Last year, another company called VCV Digital was looking to buy a cornfield just outside Grand Island in Doniphan on which to develop a cryptomine facility. VCV’s data infrastructure unit TigerCloud reportedly has projects in development in Minnesota, Nebraska, and South Carolina.
- Vbit Technologies is facing several class action lawsuits. The company is accused of racketeering and securities fraud violations and operating a Ponzi scheme.
The company offered mining packages that promised high returns for customers. Lawsuits in filed in Delaware and Pennsylvania allege that the company was actually generating Bitcoin payouts from the funds of newly acquired customers in a pyramid scheme.
Plaintiffs also allege Advanced Mining, the company that acquired Vbit last year in a $105 million deal, is a “complete sham” and claim the merger was a misdirection created by Vbit to dodge accountability
The company previously reportedly operated a 3.8MW mining data center in Columbia Falls, Montana.