Bitcoin mining infrastructure company Simple Mining has announced the acquisition of an 8MW facility in Iowa from Sphere 3D.

The Cedar Falls-based company announced the acquisition on October 7, saying the site supports around 2,200 latest-generation mining machines and brings its Iowa platform to nearly 160MW.

According to Sphere 3D’s SEC filing, the sale agreement signed on September 1 set the purchase price at $1.5 million.

Sphere 3D received $300,000 in cash, with the remaining $1.2m payable under an interest-free promissory note in 12 monthly installments beginning December 1, 2026. Sphere 3D is also entitled to the return of approximately $525,000 in utility prepayments and security deposits.

Simple Mining said it had already engineered, developed, and operated the facility for Sphere 3D before buying it. The companies announced their development partnership in September 2024, with Simple Mining engaged to operate the site under a managed services agreement.

“This acquisition adds fully energized, high-performing capacity to our platform from day one,” said Adam Haynes, CEO of Simple Mining.

Simple Mining says it manages more than 40,000 mining machines across Iowa, providing hardware sales, hosting, and repairs. Customers at the acquired facility will have access to its dedicated ASIC repair operation in Cedar Falls.

"Our customers want more room to grow on infrastructure we own and operate, and this site delivers exactly that," said Nick Garland, chief operating officer of Simple Mining.

"Every megawatt we add in Iowa is capacity our customers can put to work,” Garland added.

The acquisition adds to the company’s expansion in its home state. In March, DCD reported that Simple Mining was planning a cryptomine at Cascade Industrial Park in Dubuque County. The proposed development would occupy around four acres and comprise approximately 40 containerized mining units.

For Sphere 3D, the sale forms part of a shift towards AI and high-performance computing infrastructure in Tennessee and Kentucky. In a September strategic update, the company identified its Iowa site and legacy mining fleet as non-core assets, noting that capital from the disposals would help fund those developments.