SBI, Northern Data AG and Whinstone to Work Together on Crypto Mining Initiatives

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SBI-holdings

The crypto venture arm of Japan-based SBI Holdings has reached out to Northern Data AG, a tech company in Germany, and to its subsidiary, Whinstone US Incorporated, to get help on developing a series of Blockchain-based projects.

As per the official announcement made last February 13, Whinstone would host and assist SBI Crypto in Texas, at its notable data center facility. Carson Smith, the Chief Executive Officer of SBI, confirmed that talks about the collaboration had started in early 2019. However, he didn’t clarify that his company might further invest in the equity of Northern Data, as some industry reports claim. 

As reported a month ago, SBI and Whinstone are working on plans for a massive crypto mining operation. Notably, the two firms had already signed an agreement with the latter to process crypto transactions at a newly-opened mining facility. 

It’s worth noting that late last year, Northern Bitcoin AG decided to merge with Whinstone to work together on a mining farm which they aim to be the largest in the world. According to reports, this new facility would open its doors with a 300-megawatts initial capacity which would subsequently increase to 1 gigawatt by December of 2020. 

Previous reports about SBI’s efforts prove that the company is determined to explore the benefits and potentials of digital currencies. As of a financial report disclosed last September, SBI had witnessed a significant growth courtesy of one of its subsidiary, SBI VC Trade. 

 

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