Bitmain, a bitcoin mining giant farm advertised for its brand new blockchain data center to be crafted in Texas as a segment of extension into the U.S. market. The mining firm is under construction and it is estimated to have an investment of $500 million. The firm revealed about its plan in a press release on August 6.
Bitmain is valued to be around $12 billion after its sponsoring round on July. However, it is seemingly hoping to design with U.S. named shares to an abroad Initial Public Offering (IPO) in a market.
The company’s approximation is that it will finish the development and set-up of its previous Alcoa smelter in Rockdale, Texas in the final quarter of 2018 and the middle set will be started in the mid of the year 2019. They will take control over the same after they finish the construction part.
Jeff Stearns the Executive Vice President and Director of Operations for Bitmain’s North America division mentioned during the press release that “Bitmain is truly honored to announce this news and is excited to work with local partners, government and stakeholders in realizing this vision, throughout the initial set-up phase, operations and beyond.”
The firm can bring 400 local jobs in the coming two years after the launch has been reported in the press release. Bitmain has planned to invest around $500 million as the full investment into the economy for the initial period of seven years.
Despite mixed uproars from both U.S and Canadian authorities in consideration of digital currency mining, they are moving towards focusing for organizations to utilize fewer power costs in the new field.
There is no doubt about the fact that Bitmain has made itself a pioneer in blockchain hardware and software field. The firm has expertise mainly on cryptocurrency mining hardware broadly used by pools, a large mining group.
Currently, Bitmain has two main pools, namely AntPool and BTC.com. These are the two most profitable groups mining on Bitcoin under Bitmain. Back in June, the two pools have already taken control over 51% of its hash rate which is the overall consumed processing power.
It’s a fact that crypto mining has become so effective that cryptographic forms of money are difficult to divide and to get away from its control after Bitcoin Gold manifested war on its ASIC chips a few months back.
Fortunately, it seems Milam County to be more fluid as long as Bitmain finishes it deal of changing smokestack office in upstate New York. Benefits of over $1 billion were posted by Bitmain in the first quarter of the current year. It could appear to be sliding of being freely recorded through IPO. This evaluation was approximated to be around $12 billion earlier few months.