- Aquarius AI (AQUA) has secured 1,100 latest-generation Bitcoin mining rigs
- It purchased 100 Bitmain S19 Pro 100 TH/s rigs and signed an LOI with Compass Mining for the supply and hosting of 1,000 more
- The rigs will be operational over the course of next year and mine at a rate of 110 PH/s
- Aquarius AI is a technology infrastructure company serving cryptocurrencies, blockchains and enterprise level technology projects
- Aquarius AI (AQUA) is down by 8.33 per cent and is currently trading at $0.275 per share
Aquarius AI (AQUA) has secured 1,100 latest-generation Bitcoin mining rigs.
It purchased 100 Bitmain S19 Pro 100 TH/s rigs and has entered into a non-binding letter of intent with Compass Mining for the supply and hosting of 1,000 more.
The company funded the initial purchase with US$970,030 in cash. The 100 rigs are expected to arrive by February 2022 and to be generating Bitcoin by Q1 2022 at 10 PH/s.
The additional 1,000 rigs should be delivered and operational during Q2 2022 at an aggregate of 100 PH/s.
Aquarius intends to finance the 1,000 rigs through debt financing with Invictus Enterprises. The company may borrow up to US$10,000,000 with a repayment term of 24 months at an interest rate of 8 per cent per year.
Total energy usage for the rigs is 3.5 MW of primarily carbon neutral power.
Invictus currently owns 10 per cent of Aquarius.
Owen Sagness, Director of Operations at Aquarius, stated,
“Compass’ commitment to this partnership will bring best-in-class hosting capacity, management and ASIC procurement services to bear and allow AQUA to scale the mining operation as quickly and efficiently as possible.
We were keen to get AQUA hashing as soon as possible and were quick to secure an immediate 100 machines for a Q1 2022 go-live despite the well documented squeeze on available power in North America.
We feel that 1,000 machines funded through our debt partner is a perfect solution to minimize shareholder dilution while making a statement that AQUA is serious about scaling mining operations quickly. Looking to the future, we are now in discussions to secure our pipeline infrastructure needs to ensure that we can continue our growth plans through 2022 and beyond.”
Aquarius AI is a technology infrastructure company serving cryptocurrencies, blockchains and enterprise level technology projects.
Aquarius AI (AQUA) is down by 8.33 per cent and is currently trading at $0.275 per share as of 9:35 am EST.
