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Arcane Crypto Orders First Batch of Mining Rigs

The Norwegian investment firm is entering crypto mining.

Sep 8, 2021 at 9:19 a.m. UTC
Updated Sep 8, 2021 at 2:04 p.m. UTC

Oslo-based Arcane Crypto ordered its first batch of Antminers to start mining crypto, the company said in a press release.

  • The company purchased 352 Antminers s19 Pro, one of Bitmain’s latest models, through its subsidiary Arcane Green Data Services.
  • The batch’s total computing power is 38,720 Th/s, and will be operational during Q3 of this year. Company CEO Torbjørn Bull Jenssen expects the batch to bring in around SEK 3.5 million (US$407,000) of revenue per month, he said in the statement.
  • Arcane Crypto will have enough hosting facilities to double its mining capacity in Q1 2022, and is exploring ways to expand its hosting capacity even further,
  • Despite a rise in difficulty adjustment yesterday, mining revenues are expected to keep increasing.
  • Arcane Crypto listed on Sweden’s Nasdaq First North stock exchange through a reverse takeover in February.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Eliza Gkritsi is a CoinDesk news reporter based in Asia.

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