Home CryptoNews Companies Bitmain to pump $500 million to expand

Bitmain to pump $500 million to expand

Bitmain, a giant crypto mining firm, displayed unwavering commitment to expand its presence in the US market after revealing a 500 million investment into a new data center and mining facility in Texas.

The firm stands as one of the most highly valued mining firms after hitting 20 billion dollars during a funding round in early July. After its initial establishment in Beijing by Jihan Wu and Micree Zhan in 2013, the company has spread its wings of influence and established offices in a number of countries including Switzerland, Israel, and the US. The company remains one of the most dominant forces in the crypto mining industry as financial analysts categorized it as a highly profitable company in 2017 with profits soaring to $3-4 Billion.

The new data center’s site is expected to occupy the place which formerly housed an Alcoa Aluminium smeltering plant in Rockdale city, Texas. The development has been received with gladness by the locals as it represents a spark of hope for an area which was otherwise stricken by the effects of mass de-industrialization in the region.

Antminer from Bitmain

The project is expected to improve the overall local economy by creating more than 400 jobs within the first 24 months thus countering the loss of skills, monetary resources and a highly productive young population. Furthermore, the project is also expected to positively impact on the areas small businesses through its highly potent multiplier effect. The project is set to conclude its construction and set-up within the last three months of 2018 and kick-start its operations in 2019.

Furthermore, the firm has also expressed interest in partnering with various schools and other educational institutions in Rockdale to furnish students and residents with the professional and technical competencies needed to be part of the data center.

The firm afforded us a peep at the projects progress and its commitment to its investment plans in July when it advertised several vacancies including the post of a Data Center Site Manager and a project manager on Indeed.com. The company’s current drive in North America is considered a crucial part within a global expansion program which is seeking to get hold of additional areas in Europe and Asia.

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,” said Jeff Stearns, the company’s Director for the North American Division.

Bitmains recent investment comes in as another business move looking to invest in the US and Canada despite the generally negative and reluctant attitude of both governments towards cryptocurrency.

Earlier on in June, we witnessed another prominent mining firm, Coinmint, building a Bitcoin Mining facility in New York from what was formerly a smokestack facility. Furthermore, mid-July saw a Canadian miner, Hut 8, launching another one of its own facility. The move elevated the firm to the worlds “largest publicly-traded” status based on capacity as demonstrated by the published figures at that time.

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