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Magellan Scientific, LLC Closes Equity Funding and Acquires 1,600 ASIC Mining Servers

·2-min read

AKRON, Ohio, December 03, 2021--(BUSINESS WIRE)--Magellan Scientific, LLC ("Magellan" or the "Company") announces the closing of the Company’s initial round of equity funding, along with the acquisition of 1,600 MicroBT Whatsminer M30S ASIC mining servers capable of generating 141 PH/s.

Magellan will receive and deploy its initial 1,600 MicroBT Whatsminer M30S ASIC mining servers throughout the fourth quarter 2021 and the first quarter 2022.

Magellan holds 100MW of off-grid, decentralized power generation capacity located throughout Ohio and Pennsylvania. Magellan’s initial 1,600 ASIC mining servers will use approximately 6MW (or, 6%) of the Company’s available 100MW of power capacity. Magellan’s low-cost, 24-hour operation allows the Company to achieve highly competitive operating costs of under $0.06/kWh. The Company will hold its Bitcoin production and leverage its digital asset holdings, along with our strategic relationships, to expand our operations.

Chris Halvorson, President of Magellan Scientific, stated, "Our successful equity raise, along with the ongoing deployment of our initial ASIC servers, marks an important milestone for Magellan. The Company has significant running room to deploy additional ASIC servers across our 100MW of power capacity locations. We will continue to build out our capacity which has the potential to support the operations of nearly 30,000 ASIC servers."

About Magellan Scientific, LLC

Magellan Scientific, LLC is a digital asset technology company operating decentralized, off-grid data centers used in digital asset mining (e.g., Bitcoin). The Company uses high-performance servers to generate digital currency. Magellan has 100MW of off-grid, decentralized power generation capacity located throughout Ohio and Pennsylvania. Visit www.magellanscientific.com to learn more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211203005583/en/

Contacts

Mark H. Van Tyne
info@magellanscientific.com
330-631-7692

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