It was announced that Wuhan General Group, a Chinese crypto investment company based in Nevada is currently discussing the possibility of rethinking the US Defense Department data center into a crypto mining farm.
This new facility will provide the possibility of mining all the top cryptocurrencies, if taking into consideration the numerous advantages such as the cool climate, which help the equipment not to overheat, the low price of electricity and a high-speed Internet connection, without which mining is impossible, there is seemingly no better place to create a mining farm, and no better time, since it will profit both the company and their shareholders.
The mining farm will have 55,0000 sq. ft at its disposal with 3MW ready to support up to 1,300 units of equipment that will mine such cryptos as bitcoin and Zcash. In 2019 the facility is expecting to boost its available power to 30MW, allowing another 12,000 machines to be used. The deal is yet to be confirmed, however, a batch of equipment from Asicminer is due in October. $3.5 million is expected to be the monthly turnover from the first 1,300 rigs.
The CEO, Ramy Kamaneh, stated:
"We had planned to build this operation three months ago, but with the bearish cryptocurrency market, we took a step back to reassess our strategy. The decision to wait for market stability was a good one, especially considering many cryptocurrency machines are no longer profitable in the current market. We acted in the best interests of the Company and its shareholders and firmly believe that the market has bottomed and a bullish market is starting again."
WHY IS THIS IMPORTANT?
- The company has hopes that this project will allow them to create new opportunities and innovations within the industry.
- There has been a lot of fuss regarding the fact that mining is declining with Nvidia being over-optimistic about the industry in 2018 and creating too many GPUs that were unwanted. However, Wuhan General Group doesn't seem to mind and must be expecting to gain good profit from this endeavor.