THELOGICALINDIAN - Bitmain Technologies is shelving its affairs to actualize a mega Bitcoin mining ability in Rockdale Texas The account comes as the Bitcoin mining behemoth continues to abbreviate both the calibration of its operations as able-bodied as its agents numbers
$500 Million Bitcoin Mining Project on Hold
According to Texas Public Radio (TPR), Bitmain his suspending its affairs to body a $500 actor crypto mining and abstracts centermost in Rockdale. Commenting on the news, Steve Young, the Milam County Judge, said:
Back in mid-2018, the aggregation announced plans to body one of the better Bitcoin mining centers in North America. At the time, Bitmain said the ability anchored on the Alcoa aluminum admixture armpit would arise operations in 2019, accouterment as abounding as 500 jobs.
For Young, the account is yet addition draft to the bounded abridgement of a abode disturbing to allure investments. Dave Barkemeyer, a above Milam Canton Judge, says the canton has absent about 30 percent of its tax acquirement in the aftermost ten years.
Massive Downsizing of Operations
As at columnist time, Bitmain is yet to affair any official chat on the matter. However, a agent for the aggregation intimated that Bitmain was in the action of downsizing its operations beyond the United States. In an email reportedly beatific to Young, the agent said:
According to Young, Bitmain had already fabricated some cogent advance on the ability with as abounding as 8,000 servers active into millions of dollars already on site.
Meanwhile, the aggregation continues to accomplish the ambit on the cryptocurrency account ambit with letters of retrenchments beyond assorted departments. On Thursday, Bitcoinist reported that the aggregation will be accepting a new CEO as the co-founders footfall bottomward from authoritative duties.
Since December 2018, Bitmain has accursed advisers in both its R&D and Bitcoin Cash development department. Reports announce that its bet on Bitcoin Cash [coin_price coin=bitcoin-cash] which backfired accompanying with the massive abatement in cryptocurrency prices saw the aggregation almanac losses north of $700 actor in Q3 2018 alone.
Consequently, Bitmain, already the acknowledged behemothic in Bitcoin mining amphitheatre is slowing accepting its cartel eroded. Back in mid-2018, the company’s mining pools; BTC.com and AntPool were abutting nearly 51 percent control of absolute BTC mining hashrate. Presently, both pools annual for 24 percent.
Will the accepted bearings with Bitmain advance to a beneath absorbed Bitcoin mining arena? Let us apperceive your thoughts in the comments below.
Image address of Twitter (@misir_mahmudov), Shutterstock
