Bitmain Plans To Build a $500 Million Mining Facility and Data Center in Texas

Bitmain – a Bitcoin (BTC) mining giant – plans to build a mining facility and data center worth $500 million in Texas. The firm is making this investment as part of its expansion into the United States market. This information was revealed by the firm in a press release a few days ago.

The New Data Center of Bitmain

Bitmain – whose net worth is about $12 billion after its funding round in July – is also allegedly considering an overseas IPO (Initial Public Offering) in a market with denominated shares of the US. The new data cent of the firm will replace the former Alcoa smelter in Rockdale, with the estimation that the set-up and construction will be rounded up in the last quarter of this year and the center will begin operation early next year.

Last month, Bitmain in Rockdale posted job vacancies for a Data Center Site Manager and a Project Manager on Indeed.com. The press release notes that the firm plans to bring in 400 new local jobs in the first twenty-four months.

Despite mixed noises from both the authorities of Canada and the US regarding digital currency mining, both nations have become a preferred location for firms that are looking for cheaper electricity costs in new jurisdictions.

In June, Coinmint – a digital currency mining company – said that it would convert a former smokestack facility in New York into a BTC mining facility. In mid-July, Hut 8 (a local miner in Canada) launched its second mining facility – making it the largest publicly-traded operator in the world by capacity in the process.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$3,919.76
-1.24%

Bitcoin (BTC) has lost over 2 percent of its value in the past twenty-four hours, leaving the digital currency to trade at $6,340. The market cap of the coin has also reduced to $109.56 billion and its trading volume over the past twenty-four hours is $4.72 billion.

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