Bitcoin

Bitmain, China‘s Major Crypto Mining Giant, To Develop New Mining Centers In The US, Document Suggests

Bitmain,-China‘s-Major-Crypto-Mining-Giant,-To-Develop-New-Mining-Centers-In-The-US,-Document-Suggests

Bitmain, China‘s major cryptocurrency mining company and hardware manufacturer, is unofficially involved in the development of new mining centers in the US.

According to companies-number.com, registration documents of Ant Creek LLC, a firm based in Tumwater, Washington, show that the company‘s ownership is filed under the name of Jihan Wu, the co-founder of Bitmain. The operating for-profit company was registered as an LLC on June 28, 2017.

As stated by Union-Bulletin, a newspaper based in Walla Walla, Washington, a land-use agreement with a company that seeks to develop a blockchain facility will be considered by The Port of Walla Walla during a meeting. The proposed agreement includes a land lease through the end of 2018, coupled with an option to purchase up to 40 acres.

Ledger Nano S - The secure hardware wallet

Patrick Reay, Executive Director of The Port of Walla Walla, states that the Port administration has already been working to develop the Blockchain facility with Ant Creek for about six months.

Mr. Reay asserts that the main objectives of Walla Walla County are to generate assessed value and create jobs. It is predicted that the project could produce between $7-10 mln. of private investment, coupled with 15-20 new, full-time jobs.

The Blockchain boom, which has spread throughout rural Washington, has stalled in smaller towns, as they take time to weigh the massive electricity needs, required by these facilities. However, according to Patrick Reay, this is not a burden for the Walla Walla Port, as the town is not an electric provider.

Bitmain has not officially verified its involvement in the Ant Creek project.

In a report, released in late February of 2018, Bernstein, an investment research firm, stated that Bitmain holds 70-80% of the market for Bitcoin mining hardware.

Following a ban on cryptocurrency exchanges and the possible power regulations for miners in China, Bitmain and other miners are prompted to examine the possibilities to launch new mining operations abroad. Bitmain is already running active mining facilities in Canada since 2016.