Bitmain is building a massive $ 500 million cryptocurrency mine in Texas

Bitmain monster of cryptocurrency extraction, has shown plans for its brand new blockchain data center to build in Texas – worth $ 500 million and is already under construction.

The announcement states that initial operations should begin at the beginning of 2019. Bitmain expects it to be fully operational in "about" two years, during which 400 jobs would be placed in the 39; economy of Rockdale, in the county of Milam.

"This represents an investment of over 500 million dollars by Bitmain for an initial period of seven years in local, provincial and state economies," the statement reads. "Milam County's blockchain and cryptocurrency data center is a key component of Bitmain's strategic investments and expansion plans in North America."

Bitmain has established itself as the industry leader in blockchain hardware and software. It is best known for its cryptocurrency mining hardware, widely used by large mining groups, called pools.

Bitmain's mining pools, namely Antpool and BTC.com, are two of the most profitable groups that currently extract Bitcoin. In June, the two controlled almost 51 percent of the hash rate – the total processing power used to confirm transactions.

In fact, it is so efficient in cryptocurrency that cryptocurrencies are hard to escape to escape its control, after Bitcoin Gold declared war on its ASIC chips a few months ago.

Fortunately, it seems that Milam County is a little more receptive – as long as Bitmain keeps his share of the covenant, that is.

And why should not they? The profits of over $ 1 billion were published by Bitmain only in the first quarter of this year. It could also be closer to public listing through IPO – its valuation is around $ 12 billion a few months ago

More recently, however, it has been reported that it has found investments from Tencent technology giants and Softbank – significantly increasing the number up to $ 15 billion, although these reports have yet to be confirmed.

Published August 7, 2018 – 11:22 UTC

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