Compute North and PowerFund One Announce Partnership to Provide Clean Energy and Tax Incentives to Crypto Miners
Agreement Encourages Compute North Mining Customers to Put Funds to Work, Helping Build a Robust and Green National Energy Grid
EDEN PRAIRIE, Minn., September 29, 2021 — Compute North, an industry leader in economical, large-scale computing and cryptocurrency mining infrastructure, has entered into an agreement with PowerFund One, a leading Clean Energy Tax Equity Fund, to immediately begin delivering more than $100,000,000 USD of green energy and tax credits to mining operations seeking to invest in and migrate to socially responsible energy sources. The Tax Equity program is available to current Compute North customers and will incorporate wind, solar, geothermal, and hydro projects currently in operation and development.
With the increased demand of cryptocurrency mining in the United States, and the associated demand for power, there is an opportunity to have a positive effect on the renewable energy space by investing in renewable energy innovations through Tax Equity. This call for cleaner, usable energy is reinforced at a federal level with the investment tax credit (ITC). Under the ITC Program, crypto miners can secure green energy and capture tax credits and depreciation benefits to increase profitability.
Compute North, along with PowerFund One, will offer its mining customers the opportunity to invest in Tax Equity which provides ITCs and other benefits structured to reduce tax obligations and give investors the ability to own and operate their rigs on dedicated clean energy sites, as well as employ virtual power purchase agreements to contract clean energy.
“Through our partnership with PowerFund One, Compute North is committed to making cryptocurrency mining part of a Green Grid Solution via our use of clean energy, demand response, and software optimization,” said PJ Lee, co-founder at Compute North. “We are seizing the opportunity to funnel revenue generated by mining into growing and developing new renewable energy projects and view these initiatives as a win-win for both the industry and the planet.”
“Compute North allows us to provide miners with immediate access to clean energy critical to institutional acceptance and future growth. The fact that we can assist with strategic tax planning to help increase shareholder returns is exciting” said Charlie Gilreath, Managing Director at PowerFund One. “Over the past year our teams have begun cross operational investing in this program of Clean Energy Production and Tax Credits, and I look forward to expanding that as demand grows.”
About Compute North
Compute North is the North American leader in TIER 0™ computing. The company provides efficient, low-cost digital infrastructure that is optimized for clients in blockchain, cryptocurrency mining and distributed computing applications. With operations in Minnesota, Texas, South Dakota, and Nebraska, Compute North brings a unique combination of data center, energy, and computing expertise to deliver the lowest cost computing in the world. For additional information, please visit www.computenorth.com.
About PowerFund One
PowerFund One develops, owns, and operates solar energy projects around the world and is a national provider of Tax Equity, operating predominantly distributed generation clean energy power plants across the US. For more information visit https://www.powerfund1.com/