Bitcoin Mining Giant Bitmain To Invest $500 Million In Texas Data And Mining Facility

Bitcoin (BTC) mining firm Bitmain will build a $500 million blockchain data center and mining office in Texas as a component of its venture into the U.S. market, the organization revealed in an official statement August 6.

Bitmain, which is estimated at around $12 billion after its initial July funding round is also supposedly hoping to design an abroad Initial Public Offering (IPO) in a market with the U.S. dominated shares.

Bitmain’s new data server will resume control over the previous Alcoa smelter in Rockdale, Texas, with the estimation that the development and set-up will be finished in the final quarter of 2018 and the center set to be “initiated” in early 2019.

A month ago, work opportunities for a Project Manager and a Data Center Site Manager for Bitmain in Rockdale had been posted on Indeed.com, with Bitmain just confirming the center’s location in the August 6 public statement.

The official statement notes that Bitmain hopes to acquire 400 local occupations in the first two years, citing $500 million as the total investment into the economy over an initial time of seven years.

In spite of the different point of views from both U.S. and Canadian authorities with respect to cryptocurrency mining, the two nations have progressed toward becoming targets for businesses searching out less expensive costs in new jurisdictions.

In June, mining firm Coinmint confirmed that it would change a previous smokestack office in upstate New York into a Bitcoin mining office.

What’s more, in Canada, local miner Hut 8 released its second mining office in mid-July, turning into the world’s “largest publicly-traded” administrator by capacity in the process according to the numbers published then.