Cryptocurrency & Blockchain Business

Chinese Bitcoin Miner Bitmain To Invest $500M In Texas

Reported by RTTNews, Chinese Bitcoin miner Bitmain Technologies will invest more than $500 million to set up a new crypto mining facility and blockchain data center in the U.S. State of Texas. The facility will be at a former aluminum smelting facility Alcoa in the city of Rockdale in Milam County of Texas.

The mining major will make the investment over an initial period of seven years. The facility is expected to be fully operational in about two years and is expected to bring in 400 local jobs over the first two years. Texas is the second largest state in the U.S. by both area and population.

The construction of the facility is estimated to finish early in the fourth quarter of 2018, with the data center initiation in early 2019.

Bitmain also plans to partner with local schools and educational institutions to provide professional and technical training programs to prepare Texans for careers with the data center.

The company has recently opened mining centers in Quebec, as well as in Washington state.

The miner recently revealed plans to conduct an initial public offering in Hong Kong, or in an overseas market with U.S. dollar-denominated shares. It also posted $1.1 billion in net profit in the first quarter of 2018.

Bitmain co-founder and co-CEO Jihan Wu was listed third on Fortune’s Ledger 40 Under 40 last week.

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