Vogogo Crypto Mining Co. Buys 14,000 ASICs For $46 Million, .5% Of Total Hashrate
Vogogo has recently acquired 14,000 ASIC miners and has increased its operations by 200%, which means that the company now has 0.5% of the total hashrate of the Bitcoin network. It was announced this week that the Canadian company would buy 14,000 Antminer S9s with the required electrical equipment and cooling units from a company that is called 828 LP.
The rigs are being installed just outside of Montreal and the company expects to start the mining operations in the following weeks. The deal, which costed $46 million USD for the Canadian company, also has supplied the company with the infrastructure to build another 4,000 miners in the near future.
Vogogo’s CEO Intends To Push The Company Into The Competitive World Of Bitcoin Mining. John Kennedy Fitzgerald, the new CEO of the company, has just arrived this year and has already taken the necessary steps to make the company more competitive in the cryptocurrency mining space with this purchase. Originally an international football player, the company has decided to run the company that was created in 2014 as Southtech Capital Corporation.
Before changing its name, the company was a cryptocurrency-focused payment processor and had risk management services. Since the arrival of the new CEO, though, Vogogo has acquired Crypto 205, a small mining company, along with a total of 1,500 miners. This new deal increases the company to 18,125 mining rigs and adds to its mining power.
Bitcoin mining might be far from being uncontroversial, as critics state that it spends too much electric energy and it is becoming increasingly centralized as Bitmain is taking over the market, but it is a lucrative market, so companies are surely going to enter this market.