Foundry gets some assets from Bitcoin miner Compute North. New York Governor Kathy Hochul has approved legislation that would force a moratorium on POW mining in the state. The law imposes a two-year suspension on the issuance of new licenses for mining companies that appear to rely on carbon-based energy to operate.
Hochul signed a moratorium on PoW mining
According to Tuesday’s release, Foundry will purchase Compute North facilities in North Sioux City, South Dakota, and Big Springs, Texas, which have a total operating capacity of six MW and 11 MW, respectively.
One of the world’s largest bitcoin mining companies, Compute North, announced it was unable to pay $500 million in debt in September. Since then, several other people have bought his assets, including his lender Generate Capital, which paid $ 5 million for shares in the company and two mega-mining deals earlier this month.
Bitcoin miner Compute North – Platform extension
Under the agreement, Foundry will also have the right to renovate and operate the Compute North facility in Minden, Nebraska. The statement said that the agreement will also cover information about the miner and the licensing process of the mining equipment.
Foundry CEO Mike Colyer said in a statement that the goal is to improve the management of digital assets by helping mining companies weather all market changes. Compute North is a long-time partner, and the company is excited about the opportunity to continue developing the platform it has supported for years as it expands its North American ecosystem.