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 they’re 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.
Last modified: May 20, 2020 8:58 PM UTC