Business
Applied Blockchain, Inc. Receives Regulatory Approval from the State of North Dakota for Electric Service Agreement
Marks Important Step Towards Continued Development of Hosting Business Remains on schedule for operation of 50MW of capacity by year end with plans to scale
About this update from Applied Digital Corporation
[{"type":"text","content":"Marks Important Step Towards Continued Development of Hosting Business\n Remains on schedule for operation of 50MW of capacity by year end with plans to scale to 100MW in early 2022\n\n\nDALLAS, Sept. 30, 2021 /PRNewswire/ -- Applied Blockchain, Inc. (\"Applied Blockchain\" or the \"Company\") (PINK: APLD) today announced the State of North Dakota's Public Service Commission has approved the Company's Electric Service Agreement (\"ESA\") with its utility partner in support of its entry into the crypto hosting business.\nAs previously announced, the Company entered into a long-term ESA with a utility partner located in the upper Midwest to provide up to 100 megawatts of power. The agreement became effective on August 4, 2021, subject to regulatory approval, which has now been received.\nWes Cummins, Applied Blockchain's CEO and Chairman, said, \"Gaining state regulatory approval was the critical next step in our business development efforts and comes on the heels of the groundbreaking for our first hosting facility just two weeks ago. We have secured a low-cost, reliable, long-term power source that is now fully approved, and we are moving forward.\nCummins continued, \"We announced our hosting business in July in conjunction with the closing of our capital raise that was led by Bitmain. We have long-term hosting agreements for 115 Megawatts already in place with industry leaders Bitmain and GMR. These contracts secure attractive economics for our investment in blockchain infrastructure. We have assembled a talented team of individuals and partners to get our first 50 megawatts of capacity online before year end and the next 50 megawatts up in early 2022.\"\nFollow us on Twitter at @APLDBlockchain. \nAbout Applied Blockchain \nApplied Blockchain, Inc. (PINK: APLD) delivers high-performance crypto mining and infrastructure solutions to customers around the globe. The Company has partnered with Bitmain, SparkPool, and General Mining Research (GMR) to develop, deploy and scale its business. Applied Blockchain also engages in direct mining of Ethereum, Bitcoin and other crypto assets. The Company is backed by some of the largest family offices and institutional investors in the US.\nwww.appliedblockchaininc.com \nForward-Looking Statements \nThis release contains \"forward-looking statements\" as defined in the Private Securities Lit...