Chinese Bitcoin Mining Giant Bitmain is Expanding into the United States
Major China-based cryptocurrency miner Bitmain is seeking to split an entry into the USA. The company is seeking to expand in the port of Walla Walla, a town in Washington. The news was first published in a local publication, Union-Bulletin.
Though Bitmain hasn't made any announcement of the growth, the report mentions a company named 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 property from ancient 2019 and the company will be given an option to purchase up to 40 acres in future. The Port officials also have reported that this could bring between $7 to $10 Million of personal investment as well as 15-20 fulltime jobs.
Additionally, Port Executive Director Patrick Reay said his agency has been working with Antcreek LLC for approximately six months on the development of a blockchain facility. Patrick is not concerned about electricity demand since they're not an electrical purveyor.
If approved, the lease price is set at $4,166 USD alongside an extra state leasehold tax of $535. The property Ant Creek will be renting is called the «Kelly Property».
This comes at a time when Bitmain had seen unprecedented profits this past year. It's estimated that Bitmain made anywhere between $3 to $4 Billion USD in operating profits last year, rivalling GPU Giant NVIDIA that made $3 Billion in operating profits in the exact same time.
This expansion from Bitmain is due to the current crackdown on Cryptocurrencies in the Chinese authorities. Bitmain set a new subsidiary in Switzerland to enlarge out of China. The business is looking to go global, so that regulations in one country wouldn't have an effect on their operations.