Simple Mining Buys DarkHorse’s Iowa Bitcoin Mine for $1.5 Million
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Simple Mining has acquired an approximately 8-megawatt bitcoin mining facility in Iowa for $1.5 million from DarkHorse Technologies, formerly known as Sphere 3D, expanding its hosting business as the seller shifts its development focus toward AI infrastructure.
The Cedar Falls, Iowa-based buyer announced the acquisition on Wednesday, saying the facility can support about 2,200 latest-generation mining machines and brings its Iowa platform to nearly 160 megawatts. Customers purchase miners and host them at facilities operated by Simple Mining.
The purchase agreement was signed Sept. 1, according to a securities filing by DarkHorse. The seller received $300,000 in cash, with the remaining $1.2 million covered by an interest-free promissory note payable in 12 monthly installments beginning Dec. 1, 2026. DarkHorse is also entitled to recover approximately $525,000 in utility prepayments and a security deposit.
The acquisition builds on an existing relationship. Simple Mining has been managing the Iowa site after it was energized in March 2025. The buyer said it will provide machine sales, hosting and repairs at the acquired facility through its own staff.
DarkHorse identified the Iowa property and its legacy mining fleet as non-core assets following a strategic review. It said the disposals would help fund AI and high-performance computing development in Tennessee and Kentucky.
In a separate agreement signed Sept. 1, the company committed to sell about 5,500 mining machines—its entire legacy owned fleet—to RepairBit for approximately $3.1 million. Deliveries were scheduled over 90 days, with ownership retained until payment. That transaction is separate from Simple Mining’s purchase of the Iowa site.
DarkHorse’s development plans advanced on Oct. 6, when it announced a conditional power contract for up to 50 megawatts for a proposed data center in Hopkinsville, Kentucky. The company said that agreement raised its contracted power in the Tennessee Valley Authority region to approximately 100 megawatts. It reported about 50 megawatts of operating capacity across four Tennessee and Kentucky locations following the Iowa sale.
