Applied blockchain expands digital ambitions
Applied Blockchain Eases Its Crypto Bonds With A Name Change And Real Estate Expansion In North Dakota As It Spreads Its Wings Into A Broader IT Market Amid The Punishing Bear Market.
The data center builder and operator will become Applied Digital, if shareholders choose, to “more accurately reflect its broader services and business offerings.” The company began expanding its horizons away from blockchain and crypto mining in March.
He sold all of his mining equipment for a profit of $1.6 million and retired from the business altogether. “Applied’s data centers can support many other high-performance computing applications and are not limited to blockchain opportunities,” CEO Wes Cummins says of the name change.
The company is also looking to expand its services into artificial intelligence, machine learning, graphics rendering and natural language processing and other applications that require massive computing power, Cummins says.
Applied is doubling down on its North Dakota efforts, adding a second data center in Peace Garden State, where it already has one. The state’s wind generation is also a magnet for the company’s commitment to renewable energy. At least some of the new unit’s capacity will house Marathon Digital’s operations under a five-year, 200-megawatt deal with the bitcoin miner.
Marathon’s arrangement illustrates that the company is not abandoning cryptomining entirely. The overall crypto market is down at the moment,” says Cummins, “but we continue to see strong demand for our services.”
Applied is looking to expand its services to artificial intelligence, machine learning, graphics rendering and natural language processing, among other applications that require massive computing power, he adds.
Shareholders must vote on the name change in November. Their shares are down 92% this year, ending today at $2.135.
Corrects equipment sale details in third paragraph.