PANews reported on November 7 that according to Blockspace, Bitcoin infrastructure and financial services company NYDIG has acquired Bitcoin mining company Consensus Technology Group (CTG). The deal is expected to be completed in October, and the LinkedIn pages of CTG co-founders David Westrop and Joshua Zappala both show that they are currently working at NYDIG, responsible for operations and corporate development strategy, respectively.
CTG operates Bitcoin mining farms in North Dakota, South Dakota, Pennsylvania, and Missouri, with a total managed capacity of 120 MW and 5 EH/s. The acquisition may indicate an increase in M&A activity in the Bitcoin mining industry, especially as the fourth Bitcoin halving has squeezed miners' profits, and well-funded companies such as NYDIG may seize the opportunity to acquire financially distressed mining companies. In October this year, NYDIG also injected capital into Coinmint's Massena mine in New York, showing its continued expansion in the mining sector.
