Japanese Giants, SBI and GMO, To Mine Cryptocurrencies At Worlds Largest Mining Center In Texas
SBI and GMO will soon start to extract Bitcoin at Whinstone Inc., a Northern Bitcoin AG subsidiary located in Rockdale, Texas.
Northern Bitcoin is the largest crypto mine in the world, but SBI and GMO may help it to get even bigger by bringing in new investors. In the past few years, it has decided to move from mining Bitcoin on its own to operating mines for big investors in order to protect itself from changes in prices. Besides, major leasing contracts are known to increase profits and revenue.
Northern Bitcoin Rockdale Center Operating at a Very Large Capacity
Based in Frankfurt, Northern Bitcoin has last month said its Rockdale data center will initially operate at a 300 megawatts capacity, being scheduled to reach 1 gigawatt by the end of 2020. This means it will have a capacity three times bigger than China’s Bitmain Technologies, which is at the moment the largest crypto mine in the world and located in the former Alcoa Corp building.
Rockdale Is Famous for the Many Crypto Mines It Hosts
Rockdale hosts many crypto miners, not to mention others like the US startup Layer1 are planning to set up site in West Texas. Texas is attractive to crypto enthusiasts because it has renewable and affordable energy. Last year, 20% of its electricity was generated by wind.
While Bitcoin mining used to be very simple in 2009 when the crypto world has just begun, it has now become more complicated, as miners are competing by solving mathematical problems in order to process Bitcoin blockchain transactions and to receive rewards in coins. However, electricity has always been needed for crypto mining, and Texas seems to have plenty.
SBI and GMO Are Notable Investors
SBI and GMO are important Bitcoin investors and mark their entry on the market at a time at which Bitcoin had a very interesting past year, gaining about 95% in spite of its high volatility. While adoption rates are increasing and crypto enthusiasts are migrating to decentralized currencies, analysts and investors are expecting greater gains in the year that has just started.