Mining giant Bitmain officially announced the opening of their new unit in Rockdale, Texas. At the moment, construction work is already underway, the launch of the new facility is scheduled for early 2019. Along with mining enterprises in Rockdale, the company is planning to open a blockchain data center.
The cryptocurrency farm will create about 400 new jobs in the city of Rockdale, Milam district, which will help reduce unemployment and improve the economic situation in the region. The company expects to start production at full capacity by the beginning of next year.
Thanks to a sound economic strategy, Bitmain's revenue for the first quarter of this year amounted to a record $1 billion, while the total capital of the company is estimated at $15 billion. Recently, two large technology companies, Tencent and Softbank, invested in Bitmain, however, the mining company isn’t going to stop there and plans to hold an initial public offering in the future.
WHY IS IT IMPORTANT?
1. Bitmain is the leader in the crypto industry for the production of mining equipment and pools for cryptocurrency production. The company owns two of the most profitable Bitcoin mining pools - Antpool and BTC.com, which control almost 51% of the computing resources of the bitcoin network.
2. The Rockdale division will be engaged in bitcoin mining along with other Bitmain sites located in the state of Washington. In April the company received approval for the deployment of its facilities on the territory of the state, although some residents of the region without special enthusiasm perceived the arrival of the mining giant, saying that their cooperation is unlikely to be mutually beneficial.