Applied Blockchain, Inc. Receives Regulatory Approval From State Of North Dakota For Electric Service Agreement


DALLAS, September 30, 2021 / PRNewswire / – Applied Blockchain, Inc. (“Applied Blockchain” or the “Company”) (ROSE: APLD) today announced the North Dakota State The Civil Service Commission has approved the company’s Electrical Service Agreement (“ESA”) with its utility partner in support of its entry into the crypto hosting industry.

As previously announced, the Company has entered into a long-term SEA with a utility partner located in the upper Midwest to provide up to 100 megawatts of electricity. The agreement entered into force on August 4, 2021, subject to regulatory approval, which has now been received.

Wes cummins, CEO and President of Applied Blockchain, said, “Obtaining state regulatory approval was the next critical step in our business development efforts and follows the inauguration of our first hosting facility. barely two weeks ago. long-term, reliable source of energy that is now fully approved, and we are moving forward.

Cummins continued, “We announced our hosting business in July in conjunction with the closing of our Bitmain-led capital increase. We already have long-term hosting agreements for 115 Megawatts with industry leaders Bitmain and GMR. These contracts guarantee economic benefits for our investment in blockchain infrastructure. We have assembled a talented team of individuals and partners to bring our first 50 megawatts of capacity online before the end of the year and the next 50 megawatts in early 2022. “

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About applied blockchain

Applied Blockchain, Inc. (ROSE: APLD) provides high-performance crypto mining and infrastructure solutions to customers around the world. The Company has partnered with Bitmain, SparkPool and General Mining Research (GMR) to develop, deploy and scale its business. Applied Blockchain is also engaged in direct mining of Ethereum, Bitcoin, and other crypto assets. The Company is backed by some of the largest family offices and institutional investors in the United States.

Forward-looking statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 concerning, among other things, future operational and financial performance, product development, market position, business strategy and objectives. These statements use words and word variations, such as “continue”, “build”, “the future”, “increase”, “lead”, “believe”, “look”, “forward”, “confident”. “,” Offer, “” prospect “,” expect “and” predict. “Other examples of forward-looking statements may include, but are not limited to, (i) statements of the Company’s plans and objectives , including our evolving business model, or estimates or forecasts of actions by suppliers, (ii) statements of future economic performance, and (iii) statements of assumptions underlying other statements and Statements regarding the Company or its business. You are cautioned not to rely on any forward-looking statements. These statements are based on current expectations of future events and are therefore inherently subject to uncertainty. ” prove to be inaccurate or if known risks or uncertainties o u unknowns materialize, actual results could differ materially from the Company’s expectations and projections. These risks, uncertainties and other factors include: declining demand for our products and services; the volatility of the crypto asset industry; failure to comply with regulatory developments and changes; cash flow and access to capital; and maintaining relationships with third parties. The information contained in this press release corresponds to the dates and periods indicated here, and the Company does not undertake to update the information contained in these documents, except as required by law.

Investor Relations Contacts

Brett maas • Managing Partner, Hayden IR
[email protected] • (646) 536-7331

Wes cummins • CEO, Applied Blockchain
(214) 427-1704

SOURCE Applied Blockchain, Inc.

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