Chinese distributor of mining equipment Bitmain, which produces specialized equipment for extracting, among others, Bitcoins, Litecoins, created in the United States a new executive company Ant Creek. The newly established company will create jobs for about 20 people, and the investment in the mines will amount to between 7 and 10 million dollars.
The entire project involves obtaining a lease from the city of Walla Walla located in the south-east of the state of Washington. The city authorities were to consider a lease by the end of this year and a possible option to buy up to 40 acres by Ant Creek. Akr is a unit of land area measure used in Anglo-Saxon countries.
Bitmain is known for striving for a monopoly on the cryptocurrency mining market. Along with the growing interest around digital currencies, especially their extraction, investors are looking for more effective mining solutions. Bitmain is one of the leaders in the distribution of cryptocurrency mincing machines. The company was founded in 2013 by Micree Zhan and Jihan Wu. On the global mining machinery market, their share ranges from 80% to 90%. In a brief analysis at the end of February, we described the Bitmain profits that outperformed Nvidia's revenues. The company's income ranged from 3 to 4 billion dollars only in 2017.
At the end of January this year, we wrote about the start of mass production of ASIC in cooperation between Samsung and the Taiwanese manufacturer of TSCM semiconductors. Everything in a way optimized for the needs of Bitcoin mincing. The creation of huge mines has a very significant impact on local public opinion and concerns about increasing electricity prices by distributors. Taking Iceland as an example, in 2018 it is anticipated that companies extracting cryptocurrencies will consume more electricity than all households.