Bitmain to launch a new crypto-mining project worth $500 million

Aug 7, 2018 at 10:30 Update Date :Aug 7, 2018 at 10:30 UTC

Headquartered in Beijing, Bitmain, announces to establish its latest blockchain data centre in Rockdale, Texas, in Milam County.

Bitmain, is one of the world’s largest and most power efficient Bitcoin miner. The firm is renowned, primarily, for its crypto-mining hardware. The company established in 2013, has outnumbered almost every firm in the industry, and emerged as the governor of all. However, it has also been criticised for its prevailing dominance in the crypto-space.

As per the information released, the leading crypto hardware giant and the designer of ASIC chips, Bitmain, plans to launch this new project with a net worth of $500 million. Also, it has been revealed that the process to put together the basic building blocks has already initiated.

The owners expect to announce the launch of the project in the upcoming year, and further, see forward to full-fledged functioning of the unit in the next two years.

Along with providing for crypto-mining services, the firm looks forward to invest in programs that would be driven towards the education and training of the newly recruited employees in the context of blockchain technology and its advancements. Also, the assignment is dedicated towards generating a minimum employment of 400 vacancies in the city of Rockdale.

In the exact words as per the statement released,

“This represents an investment of more than $500 million by Bitmain over an initial period of seven years into the local, county, and statewide economies. The Milam County blockchain data center and cryptocurrency mining facility represents a key component of Bitmain’s strategic investment and expansion plans within North America.”

As of June, Bitmain’s two of the most prominent and profitable Bitcoin mining pools, namely Antpool and were two of the most profitable Bitcoin mining groups and controlled almost 51 percent of the total hash rate. For those unaware of it, hash rate is the overall processing power being used to confirm transactions.

In fact, the efficiency of these platforms is made starkly evident in the fact that other cryptocurrencies are working very hard to evade being controlled by the platform after the declaration of war by Bitcoin Gold against its ASIC chips a few months back.

On a more lucky note, it seems Milam County is a bit more receptive as long as Bitmain honore their end of the deal.

And why shouldn’t they? Profits of over 1 billion dollars were recorded by Bitmain in the first quarter of this year alone. What is more is that it could be slowly making its way toward being publicly-published via- IPO with its met valuation being as high as 12 billion dollars, as of a few months back.

In reports which have not been as yet confirmed, they were recently funded by tech giants the likes of Tencent and SoftBank which led to a boost in their valuation and the figure is now rumored to be in the range of 15 billion dollars no less.

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