Mining investment, Bitmain and the USA


United States: Bitmain to invest $ 500 million in a Texas mining center

Bitmain, the leading producer of equipment dedicated to the mining of digital assets, has revealed that it plans to open a cryptographic mining center in the United States. The Chinese giant, which will benefit from some tax relief, should invest a total of 500 million dollars and create 400 jobs over two years. A huge mining investment.

The company Bitmain is the world’s largest producer of ASIC tokens. They officially announced a mining investment and prepare to open a branch in Texas, in the town of Rockdale, Milam County. The company plans to invest $ 500 million over the next 7 years in this new center. It should be operational early next year.

mining investment

Bitmain will get certain advantages. Indeed the comany will have the benefice of a 10-year tax incentive plan. It was approved by Milam County Industrial Development Corp. and the Milam County Commissioners Court.

Dave Barkemeyer, the judge of Milam County, welcome the Chinese company with congratulation. For him and according the local newspaper Daily Telegram, Bitmain initiative will settle in the “belt rust”. This new center will be developed on the site previously occupied by Alcoa. It operated an aluminum smelter, powered by a coal-fired power plant, until it closed in 2014.

Mining investment and job creation

The development of this new infrastructure should give new life to the local economy, devastated by deindustrialization. Indeed the mining investment that plans Bitmain, would create more than 400 jobs in two years.

And the company is currently seeking to recruit for many positions: project managers, engineers or technicians. According the Daily Telegram, these job offers will be full-time, with several benefits. Positions in Engineering and Management, as wll opportunities as data center technician.

Richard E. Williams Jr. is president of the Milam County Industrial Development Corporation. Talking about this mining investment and new project, he gave his point of view to the local television station Kxxv.

“These 400 new positions, followed by around 140 indirect jobs, will obviously reduce the high unemployment rate in Milam County. And this mining investment project will provide above-average salaries and benefits in Central Texas.”

Bitmain would also seek to recruit from other parts of the United States (in Chandler, Arizona, as well as in Malaga and Wenatchee in Washington State) – an initiative that would suggest that the Chinese giant would be keeping an eye on others. American cities.

Mining investment and international expansion strategy

“Bitmain is proud and honored to announce this mining investment. Also we are glad to collaborate with new partners, government members and local stakeholders to accomplish this project,”said Jeff Stearns, Executive Vice President and Chief Operating Officer. Director of Operations, North American Division, Bitmain.

The company is currently valued at $ 12 billion since its last round of fundraising. For them, the new mining center is part of its commitment to “strategic investment and expansion across North America”. The Chinese company is currently working on its IPO, which should intervene “very soon”.

At the end of last year, Jihan Wu, the CEO of Bitmain, had expressed his desire to turn to the international, while his company was threatened by the regulatory uncertainty in China. The leader notably mentioned Canada, Iran and Russia as territories to which he could potentially relocate part of the activities of his company.

Last January, the company developed a subsidiary in the Swiss city of Zug – a city of 30,000 inhabitants, which in just a few months has become a hub of blockchain technology innovations.

Since its creation in China in 2013, Bitmain has become the leading manufacturer of mining equipment, controlling approximately 70% of the market today.