Australian bitcoin company digitalBTC is expanding its mining capacity and entering a new contract with data centre provider Verne Global.
The company said it is acquiring new bitcoin mining hardware from manufacturer Spondoolies-Tech, although the exact details were not revealed.
DigitalBTC did say, however, that the new hardware will expand its processing capacity by approximately 40% for a “small outlay” of about $700,000. When it launched in early 2014, digitalBTC relied on BitFury mining hardware.
The Verne Global contract will allow digitalBTC to reduce its power costs by approximately 20% across half of its power commitment. Verne Global is already working with digitalBTC, hosting mining hardware at its data centre campus in Iceland, which is powered by geothermal energy.
DigitalBTC CEO Zhenya Tsvetnenko said the new contract will help the company reduce operating costs and increase efficiency.
The company's focus will be on developing new software solutions such as digital X Mintsy, but legacy mining operations will continue to be updated, he added.
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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.