Applied Blockchain, Inc. today announced it has entered into an Energy Service Agreement (ESA) with a utility partner located in the upper Midwest in support of its entry into the crypto hosting business.

The agreement, which became effective on August 4, 2021, provides for up to 100 megawatts of power for five years and is subject to regulatory approval.  

“Having just announced the launch of our crypto hosting business in conjunction with a $32.5 million capital raise, we moved quickly to secure a low-cost, long-term power source for the hosting operation,” said Applied Blockchain’s CEO and Chairman, Wes Cummins. “The service agreement is in place for our first site and orders have been placed for long lead-time equipment to support our rapid growth. We continue to expect our first 50 megawatts of capacity to be operational before year end and the next 50 megawatts in Q1 2022, with plans to ultimately scale to more than 500 megawatts.”

In addition, the company also announced that CEO and Chairman, Wes Cummins, is scheduled to present at the B. Riley Summer Summit on August 18, 2021. The conference will feature a select group of companies recommended by B. Riley’s equity research team. The small-cap investor conference is being held at the Proper Hotel in Santa Monica, California August 18-19, 2021 and is an invitation-only event.

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