Bitmain, situated in China and one of the world’s largest manufacturers of cryptocurrency mining rigs, has agreed to expand its operations in the United States with the help of two US partners — ISW Holdings and Bit5ive.
ISW Holdings, a Nevada-based portfolio business with large crypto mining operations, announced Tuesday that it will host 56,000 Bitmain mining rigs and power them with 200 megawatts at the company’s “POD-CITY” facility in Georgia.
ISW hopes to couple the first 20 MW of power with rigs next month and to complete the implementation of all 56,000 miners by October 2022. Bit5ive, which operates crypto mining farms, will contribute power, hosting, and project management services as part of the cooperation.
For ISW, the overall cost of the roll-out will be US$62 million, while the project – once fully operational — is expected to generate more than US$10 million each month, the company said.
The new mining machine cooperation comes as the global Bitcoin hash rate is increasing as miners displaced by China resettle in more friendly jurisdictions and reinvest heavily in mining equipment. According to data from Blockchain.com, the total hash rate was 134.85 million terahashes per second on Wednesday, up from 84.79 million on July 3, the lowest level since September 2019.
North America has emerged as a mining hotspot in the aftermath of China’s crackdown on the sector. Canaan, a Chinese manufacturer of mining rigs, won an order last month from Genesis Digital Assets, one of the world’s earliest Bitcoin mining companies, for 20,000 of its Bitcoin mining equipment to help Genesis expand in North America and the Nordics.
https://forkast.news/headlines/hive-buys-more-crypto-mining-rigs-bitmain/HIVE Blockchain Technologies, based in Vancouver, placed an order with Bitmain in August to purchase 1,800 computers. Additionally, Marathon Digital Holdings, a Nasdaq-listed company and one of the largest Bitcoin mining companies in North America, struck a contract with Bitmain to purchase an additional 30,000 mining equipment to expand its mining capacity.
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