Bitmain Invests $62M to Expand Mining Operations in the US, 56k Miners to Deploy In Georgia
A $62 million mining firm deal between Bitmain and power partners Bit5ive and ISW holdings will bring over 56,000 Bitcoin mining rigs to the state of Georgia, USA; The agreement is set to expand Bitmain’s power hold in the BTC mining industry in North America.
According to the statement released on Wednesday, top Bitcoin mining firm, Bitmain is entering a partnership with Bit5ive and ISW Holdings to launch a mining plant in the state of Georgia. The official statement adds that the plant will hold over 56,000 Bitcoin mining rigs, with the total cost of operation expected to be around $62 million.
The operation is expected to be fully complete by October 2022, pairing the vast fleet of rigs with 200 megawatts (MW) of power at Bitmain’s “POD-CITY) facility located in Georgia. The first fleet could be completed as soon as October this year, the statement mentioned.
“The Company expects to have the first 20 MW of power paired with rigs and running full-out by October 2021. The schedule calls for having all 56k miners hooked up to all 200 MW of power and running full-out by October 2022.”
Holding out till October means the mining firm will install the latest flagship line of Bitmain’s generation of Antminer S19 series. Each miner averagely generates a hashing power of 100 terahashes per second (TH/s), with the entire fleet expected to generate about 6 Exahashes per second (EH/s) once the whole fleet is completed in 2022. The fleet is expected to generate at least $10 million in monthly revenue once complete.
Las Vegas-based ISW Holdings already paid $6 million to Bitmain through the partnership to acquire the Antminer S19J mining rigs deployed under its new BlockQuarry brand using Bit5ive’s infrastructure.
Bitmain has been on the move to new countries since China started banning Bitcoin mining in the country. This forced Bitmain to move from Inner Mongolia, where most mining operations due to cheap electricity, to neighboring states such as Kazakhstan. However, in 2020, Bitmain started moving its operations to North America, beginning with Canada and recently launched a mining factory in Texas.