Chinese holding organization Wuhan General Group (China), Inc. has entered transactions to change a U.S. Resistance Department office into a crypto mining ranch, as indicated by an official statement distributed on September 11.
As per the press release, in the event of an effective result to the arrangement, the organization will get the first order of rigs in late October, with the addition to come in the next months. In converting over the office, Wuhan General Group is reportedly planning to profit by low power rates in the U.S., a cool atmosphere, and fast Internet, which is crucial for mining activities.
The 55,000 square foot data centre with more than 3MW of intensity can accommodate up to 1,300 mining machines, with 12,000 to be added after its upgrade to a 30MW office in 2019. As per the organization’s estimation, the mining farm will create around $3.5 million based with the initial 1,300 mining machines for each month. Ramy Kamaneh, CEO of Wuhan General Group, stated:
“We had planned to build this operation three months ago, but with the bearish cryptocurrency market, we took a step back to reassess our strategy. The decision to wait for market stability was a good one, especially considering many cryptocurrency machines are no longer profitable in the current market. We acted in the best interests of the Company and its shareholders and firmly believe that the market has bottomed and a bullish market is starting again.”
In May, Australian startup IoT Blockchain and mining hardware distributor Royalti Blockchain Group uncovered their joint intend to transform a neglected power station into a “Blockchain Applications Complex,” while a Bitcoin (BTC) mining activity would traverse two hectares. The nearby Hunter Energy Power Station will allegedly give cut-price power for the project.
Some U.S. states are known for low energy costs, which make them a goal for mining organizations. In July, New York state regulators affirmed another power rate for cryptocurrency miners that would enable them to negotiate contracts. The Massena civil utility presented another rate structure for crypto miners, considering contracts on a case-by-case premise, which would protect other utility clients from expanded rates.