The Chinese holding company Wuhan General Group (China), Inc. has begun negotiations to transform a US Department of Defense facility into a mining crypt, according to a press release published on September 11th.
For the press release, in the case of a positive outcome to the negotiation, the company will receive the first order of drilling rigs at the end of October, with others to come in the following months. In converting the structure, Wuhan General Group would plan to benefit from low rates of electricity in the United States, a cool climate and high-speed Internet, which is crucial for mining operations.
The 55,000-square-foot data center with more than 3MW of energy can accommodate up to 1,300 mining machines, with 12,000 to be added after upgrading to a 30 MW facility in 2019. According to the estimate of the & # 39; company, the mine would produce about $ 3.5 million based on the 1,300 early mining machinery per month. Ramy Kamaneh, CEO of the Wuhan General Group, said:
"We had planned to build this operation three months ago, but with the bearish cryptocurrency market we took a step back to review our strategy – it was a good idea, especially considering that many cryptocurrency machines are no longer profitable in the current market, we have acted in the best interests of the Company and its shareholders and firmly believe that the market has hit the bottom and a bull market is recovering. "[19659005AmaggiolastartupaustralianaIoTBlockchaineildsorecomputorhardwaremineralRoyaltiBlockchainGrouphannorivelatoilloropianocomunepertransformareacentraleelettricadismessainun"BlockchainApplicationsComplex"whileanoperationintheBitcoin(BTC)two-wayareaoftheCabinetHunterEnergyPowerStationwillprovidethesourceofenergyfortheproject(19659005)SomestatesintheUnitedStatesareknownforlowenergycoststheremakingthemadestinationforminingcompaniesInJulytheNewYorkstateregulatorsapprovedanewtariffregimeforcryptocurrencyminersthatwouldallowthemtonegotiatecontractsThemunicipalutilityofMassenahasintroducedanewtariffstructureforcryptominersconsideringthecontractsonacase-by-casebasiswhichwouldprotectothercustomersoftheutilitiesfromanincreaseinrates