While China continues to steal the show when it comes to bitcoin mining, other countries are catching up with speed. A new Bitcoin mining setup in Texas expected to steal the show from Bitmain’s huge Chinese investments with its planned mammoth 1 Gigawatt installed capacity for mining purposes. The mining farm is uniquely placed as well as it is only a stone’s throw away from one of Bitmain’s biggest US-based mining farms.
Currently the project is being pursued by Whinstone US which was acquired by a German company earlier this month by German company Northern Bitcoin. The move was announced in a partnership with GMO internet, a domain and hosting website based in Japan. The new mining facility is set to be one of the largest bitcoin mining projects undertaken in recent history dwarfing the big centers in Iceland, Canada and even China.
The total cost of the project is projected to be around $150 million and the company is expected to release new shares into the market to help raise capital for this ambitious project. The mining facility will be built on top of an abandoned factory previously owned by an Aluminum company. The size of the planned mining facility to put it into perspective is almost equal to 55 soccer fields which is similar to the area covered by a mid-size data center employed by Google and other data companies.
Bitmain has also recently launched a 50 MegaWatt farm in Texas and so, the future of the overall industry in the region is looking bright with some even calling it a Bitcoin Rush. However, there is not clarity on how this much power will be provided to the facility as mining is a resource intensive process and 1 GigaWatt or 1000 MW is definitely no small amount of power in any place of the world.
The move is expected to give tough competition to China-based miners who enjoy cheap electricity and some government patronage. Currently, five of the biggest mining farms are based in China and thus this lopsided concentration of power in the hands of Chinese miners is against Bitcoin’s ideology. With the greater input from the Texan mining facilities, it is expected that the title of the world’s biggest hash rate provider will be an evenly contested title in the coming years.
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