SunnySide Digital (SunnySide) and Cryptech Solutions (Cryptech), two wholesale distributors and service providers for digital asset mining and HPC data center equipment, have joined forces to Synteq Digital (Synthesis).
Synteq Digital aims to meet the needs of the digital mining and HPC industries on a large scale by expanding the reach of its digital hardware wholesale business and rolling out new services.
“We are very excited to create a new market participant by combining our respective teams, core values, and reputations to form Synteq,” said Taras Kulyk, CEO of Synteq and founder and former CEO of SunnySide, in a press release shared with Bitcoin Magazine.
“This new entity will deliver the scale and breadth of services to our enterprise and commercial customers and partners in the HPC & digital mining data center sectors. Our dynamic mix of leadership, technical strength and a robust track record of execution experience will be critical as we continue to grow our new verticals,” he added.
New services from Synteq
Synteq’s new offerings include procurement, colocation and wholesale of enterprise-focused GPU/HPC hardware; Just-In-Time (JIT) DataCenter consignment parts and supplies; and an Enterprise Fleet Refresh Service Model, which includes cleaning, upgrading, and repairing older digital mining hardware.
Joe Stefanelli, president of Synteq and founder and former CEO of Cryptech, is optimistic that with the expansion of its new verticals, his new company will quickly gain a global foothold.
“I see Synteq quickly becoming the global go-to platform for HPC and digital mining data centers,” Stefanelli said in the press release. “Our team’s focus is on delivering best-in-class services and solutions characterized by expertise, integrity and reliability.”
Synteq’s deal with Bitmain
One of Synteq’s first new partners will be Bitmain Technologies (Bitmain), a China-based leader in the production of Bitcoin mining rigs. Synteq will be Bitmain’s exclusive distribution partner for the United States.
“It’s the first time that Bitmain is acknowledging industry partners,” Stefanelli told Bitcoin Magazine in an interview. “We’re the first company that will be a distributor — they call it a Hashrate Ambassador — for Bitmain.”
In addition to the deal with Bitmain, Synteq will continue its partnerships with Bitmain. Rosseau immersion And ePIC Blockchain in addition to other existing partnerships from both SunnySide and Cryptech, Kulyk said.
A response to industry consolidation
SunnySide and Cryptech decided to join forces due to the changing winds in the digital mining and HPC industry.
“The industry is undergoing consolidation,” Kulyk said.
“There’s a lot of mergers and acquisitions and our customers are getting bigger,” he added.
“We are now dealing with operators who have a gigawatt of capacity under their management and who are looking for someone who can deliver services and solutions on time, reliably and professionally at the scale they need.”
Stefanelli, who clarified that Synteq is not the result of a merger between SunnySide and Cryptech, but a completely new entity, indicated that it seemed logical for Cryptech and SunnySide to work together.
“There were a lot of synergies between what we were both doing and a lot of overlap with customers,” he said.
“As individuals and as a company, we shared many of the same values. We like to run our businesses the same way and we were pretty good competitors with each other,” he added.
“We really saw the benefit of bringing everyone together.”