Chinese Bitcoin Mining Giant Bitmain is Expanding to the United States

Chinese Bitcoin Mining Giant Bitmain is Expanding to the United States

Major China-based cryptocurrency miner Bitmain is looking to carve an entry into the United States. The company is looking to expand in the port of Walla Walla, a city in Washington. The news was first published in a local publication, Union-Bulletin.

Though Bitmain has not made any announcement of the expansion, the article mentions a company called Ant Creek to be the one setting shop. According to the online registration data, Ant Creek was registered in the state of Washington last year for which Bitmain co-founder Jihan Wu is the sole governing person.

According to the article, the Port of Walla Walla would be leasing land from early 2019 and the company will be given an option to purchase up to 40 acres in future. The Port officials have also reported that this could bring between $7 to $10 Million of private investment and up to 15-20 full-time jobs.

Also, Port Executive Director Patrick Reay said his agency has been working with Antcreek LLC for about six months on the development of a blockchain facility. Patrick is not concerned about electricity demand because theyre not an electric purveyor.

If approved, the lease price is set at $4,166 USD along with an additional state leasehold tax of $535. The land Ant Creek will be leasing is known as the Kelly Property.

This comes at a time when Bitmain had seen unprecedented profits last year. It is estimated that Bitmain made anywhere between $3 to $4 Billion USD in operating profits last year, rivalling GPU Giant NVIDIA which made $3 Billion in operating profits at the same time.

This expansion from Bitmain is due to the recent crackdown on Cryptocurrencies from the Chinese government. Early this year, Bitmain set a new subsidiary in Switzerland to expand out of China. The company is looking to go global, so that regulations in one country would not have an effect on their operations.

Featured image from Shutterstock.

15.03.2018 / 04:00 18
OpenBazaar Raises $5 Million from Bitmain, OMERS Ventures OpenBazaar Raises $5 Million from
OB1, the development company behind decentralized online marketplace OpenBazaar, has raised $5 million in a Series A funding round According to a
Bitmain Opens Repair Center in Russia Bitmain Opens Repair Center in Russia
Leading manufacturer of crypto mining equipment Bitmain has opened a service center in Russia. Miners in the country will be able to repair their
Chinese Crypto Mining Giant Bitmain Developing Facilities In US, Document Suggests Chinese Crypto Mining Giant Bitmain
Chinese mining hardware manufacturer Bitmain is ostensibly developing subsidiary projects in the United States. The major Chinese cryptocurrency
Ant Creek: Is Bitmain Quietly Developing a Mining Facility in the US? Ant Creek: Is Bitmain Quietly
According to public documents the mining giant based out of Beijing, Bitmain Technologies, is allegedly building a data facility near Port Walla
Blockchain Central Bank Being Planned Out  Bitmain Co-Founder Blockchain Central Bank Being Planned
It is famously known that what makes cryptocurrencies and blockchain being very supported by many tech and financial experts is the level of privacy
Bitcoin Mining Giant Bitmain Sets Up Secret US Subsidiary Bitcoin Mining Giant Bitmain Sets Up
Cryptocurrency mining specialist Bitmain may be quietly developing new facilities in America's Pacific Northwest, documents suggest. While nothing
Comments (0)
Add a comment
Comment on