Singapore-based crypto mining company Atlas Mining has partnered with Luxor Technology to provide mining pool services, helping expand Atlas’s operations in North America following China’s sweeping crypto-ban.
The partnership comes after Atlas signed a 100-megawatt “colocation capacity” deal with U.S.-based Compute North on Oct. 19, which will expand Atlas’s hashrate, or computing power, to over 3 EH/s starting in the first quarter of 2022.
Atlas will use a portion of the ASIC mining computers that are hosted in Compute North’s facilities, and will leverage Luxor’s bitcoin mining pool for hashrate liquidation, according to a statement on Monday.
On the heels of China’s crypto-ban, mining companies have started a “great migration” to regions outside of China, particularly North America. “The United States and Canada have become a hotspot for relocation, creating new opportunities for North America’s fast-growing mining industry to forge strategic partnerships with some of the largest players in the mining game,” according to Atlas’s statement.
In fact, according to a Cambridge Centre for Alternative Finance study published in October, the U.S. accounted for about 35% of the total bitcoin mining hashrate, while Canada contributed almost 10%, setting up North America as the dominant region for bitcoin mining following China’s moves.
The partnership is the latest by Luxor to increase its mining presence in North America. Luxor recently cracked the top 10 list of the largest bitcoin mining pools in the world, with almost 2% of the total network’s hashrate, according to a LinkedIn post.