Crusoe acquires Bitcoin miner Great American Mining

The American mining company Crusoe Energy Systems purchased the operating assets of the Bitcoin mining firm that uses flare gas попутного газа Great American Mining (GAM). The deal value was not disclosed.

We’re thrilled to welcome @GAMdotAI to the @CrusoeEnergy team! By joining forces, we’re excited to deliver large scale digital flare mitigation solutions to the energy industry, eliminating #methane emissions and securing the #bitcoin network along the way https://t.co/6BgIL9IMNL

— Crusoe Energy (@CrusoeEnergy) October 12, 2022

As a result of the acquisition, Crusoe will increase its available capacity by 10 MW and its fleet of ASIC miners by 4,000 units.

GAM uses a similar Crusoe technology, deploying mobile mining containers near oil wells. The modules burn flare gas to power the cryptocurrency mining.

Through GAM’s fleet, the Colorado-based company will boost its mining capacity by about 9%.

Through the acquisition, Crusoe will also gain commercial relationships with several major oil and gas companies in the Bakken shale oil play in North Dakota and Montana.

GAM’s manufacturing facility in Louisiana will become Crusoe’s new research and development hub. Twenty-four specialists from the acquired firm will join the company.

After acquiring GAM’s assets, Crusoe will have around 125 deployed mining modules and about 300 employees across six states. The company’s capacity will allow reductions of CO2-equivalent emissions by about 300,000 metric tons per year. The company’s Digital Flare Mitigation technology helps burn large volumes of methane compared with traditional flaring at fields.

“Crusoe is an innovative company that has successfully pioneered and scaled large-format technology and operations. They are clearly leaders in this space, and I think they will take our combined business to the next level,” commented Todd Garland, founder and CEO of GAM.

In June, Crusoe acquired the modular data-centre manufacturer and the provider of specialized energy systems Easter-Owens Electric.

In April, Crusoe raised $350 million in a Series C funding round.

The company became a partner of the oil giant ExxonMobil in a pilot project to use flare gas for Bitcoin mining.

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