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Nexo's $3 Billion Arbitration Claim Against Bulgaria: Unveiling the Legal Battle

Nexo, a prominent crypto lending firm, has recently filed a $3 billion arbitration claim against the Republic of Bulgaria following a year-long criminal investigation into the company and its founders. In a press release on Wednesday, Nexo strongly argued that Bulgaria's investigation was unjustified and politically motivated, resulting in significant reputational damage and lost business opportunities estimated to be in the billions. The company, now cleared by the Bulgarian Prosecutor's Office, is seeking reparations for the financial harm suffered as a result of the investigation. Key Points: Nexo is one of 22 investors in Decrypt. The company had to abandon plans for a funding round with leading U.S. banks and an IPO on a major U.S. stock exchange due to the lawsuit. Nexo was finalizing a strategic alliance with a major European football club, which included the launch of a club-branded crypto payment card. Antoni Trenchev, co-founder of Nexo, emphasized that the arbi

# Applied Digital Unveils New 200 MW Data Center in Texas: A Game-Changer in Blockchain Hosting and AI Infrastructure

Applied Digital's new 200 MW data center in Garden City, Texas marks another milestone for the blockchain and AI infrastructure provider. This facility is the company's third blockchain hosting facility to go live in North America, bringing Applied Digital closer to its full planned hosting capacity of 480 MW across all its facilities. The opening of this data center highlights the growing demand for reliable and scalable blockchain hosting solutions.

Powering the Future: Megawatts and Gigawatts

The use of megawatts (MW) and gigawatts (GW) as units of power may seem abstract, but it's important to understand their significance in the context of blockchain mining. A standard home light bulb operates on 60 watts, while Applied Digital's new data center boasts a capacity of 200 MW. To put this in perspective, Riot Blockchain, another Bitcoin miner, has a 1 GW mining facility in the same state.

Cambridge estimates that the entire Bitcoin network currently demands 14.83 GW of power, an increase from its previous estimate of 12.89 GW in September. This power is used by Bitcoin miners to produce hashes, which are crucial for constructing the network's next block of transactions. In fact, Bitcoin's current hashrate is approximately 400 exahashes per second (EH/s), with an exahash equaling one quintillion hashes.

Supporting Other Miners: Applied Digital's Business Model

Applied Digital's Chairman and CEO, Wes Cummins, clarified that the company's hosting facilities are not meant for its own mining operations. Instead, Applied Digital hosts and operates rigs on behalf of other mining companies. This business model has proven successful, allowing the company to generate $22 million in revenue during the quarter ending in May 2023.

Shifting Focus: From Bitcoin Mining to High Performance Computing

While Bitcoin mining has been a profitable venture for many, Applied Digital, like other mining firms, is shifting its focus towards high performance computing (HPC). HPC is another energy-intensive service that supports the AI industry. Similar to mining, HPC requires access to large data centers, efficient cooling systems, and affordable energy sources to operate profitably.

In conclusion, Applied Digital's new data center in Garden City, Texas signifies the company's commitment to providing reliable and scalable blockchain hosting solutions. With its hosting facilities catering to other miners and the company's shift towards high performance computing, Applied Digital is positioning itself as a key player in the blockchain and AI infrastructure space. As the demand for blockchain and AI technologies continues to grow, the success of facilities like this new data center will be crucial in supporting the industry's evolution and advancement.

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