Applied Digital, a bitcoin mining escrow and Cloud as a Service company, plans to raise $375 million through a private placement of convertible notes. The notes have an annual interest rate of 2.75% and will expire in 2030, and initial purchasers can buy an additional $75 million. The company plans to use some of the funds to trade capped options to hedge shareholder dilution risk and invest about $84 million in share buybacks. Applied Digital is not directly involved in bitcoin mining, but prov...
Bitcoin mining hosting provider Revolve Labs plans to build an artificial intelligence data center in central Minnesota after withdrawing a mining expansion proposal due to community opposition, TheMinerMag reported. Revolve Labs held a meeting with the Glencoe Economic Development Authority in September and plans to expand its facility in the city to accommodate one or two AI data centers as well as cooling systems and backup generators. The project is expected to have a capacity of 10 trillion...