Cryptomining firm T-REX Acquisition Corp. has announced the purchase of Peak Digital Solutions LLC through its wholly-owned subsidiary, Megalodon Mining and Electric.
Peak Digital provides proprietary and colocation cryptocurrency mining services from its base in Orofino, Idaho.
According to SEC filings, the deal was valued at $500,000.
The purchase of Peak Digital will see T-REX inherit a turnkey crypto mining operation, which includes a 6,000 sq ft (557 sqm) facility, mining racks, and cooling and operational systems.
One-third of the facility is expected to be dedicated to colocation mining services, while the remaining two-thirds will house T-REX’s proprietary Bitcoin mining operations.
“After consolidating our disparate mining operations at colocations in Tampa, Florida, and Cedar Rapids, Iowa, T-REX has set its sights on acquiring established turn-key mining and colocation operations and land development to establish new locations to our portfolio of properties,” said Frank Horkey, president of T-REX Acquisition Corp.
T-REX said it expects to radically reduce its electricity costs through ownership of the facility alongside generating revenues from offering colocation services of which it had previously been a customer.
“We will be able to increase our gross profit margins on our proprietary Bitcoin mining operations through the reduction of our electrical cost at our new facility,” said Horkey.
T-REX first entered into a deal to acquire the Peak site in July 2024, after consolidating its mining operations from two other facilities into the Orofino location.
T-REX was founded in 2008 as Plethora Resources, originally to engage in the business of consulting to oil and gas exploration companies interested in obtaining exploration and production licenses at auction for oil and gas properties in Russia. The company later changed its name to Sync2 Networks Corp after moving into software-related services, then rebranded to T-REX in 2014 and moved into crypto.
The company originally mined Bitcoin at Ace Hosting’s data center in Tampa, Florida.
Earlier this month, Ohio lawmakers gathered to hear legislative proposals aimed at protecting the rights of people who spend cryptocurrency and businesses that mine it in the state of Ohio. State Rep. Steve Demetriou described the series of bills as part of an effort to position Ohio as a leader in the digital asset space.
One bill set out plans to allow the Ohio state treasurer to invest in Bitcoin and create a state Bitcoin reserve, which supporters say would work to safeguard the state’s monies from the potential devaluation of the US dollar.
