Bitmain gets approval for Mining operations in the United States - Cryptocurrency Mining News

Bitmain one of China’s leading cryptocurrency mining company has gotten approval to set-up a mining facility in Washington. The approval was granted for operations in Walla Walla County in Washington.

The county’s economic development agency approved the land lease contract with the option for a later purchase. The development agency known as Port of Walla Walla would allow Bitmain lease about 10 acres between the Dodd Road Industrial Park and Wallula Gap Business Park. Although Bitmain’s request for an additional 30 acres was denied by the agency.

The contract was first reported by Union Bulletin a local newspaper, it looks as if Ant Creek a subsidiary of Bitmain would have to agree to the terms before the deal can be finalized. Ant Creeks would be required to pay a monthly sum of $4,700 in rent. The total fifteen acres would be sold for a sum of $150,000 however, the port would also apply for lease payment while removing the leasehold tax, Union Bulletin reported.

Although publicly available information regarding the Ant Creek lists Bitmain as sole owner however, Bitmain has not publicly acknowledged the company as its subsidiary. Companies Number a website that provides information about companies reveals that Bitmain CEO Jihan Wu is Ant Creek’s sole principal officer. It is estimated that the new bitcoin mining facility would generate more than 25 to 30 full-time jobs.

Residents of Walla Walla related concerns about the new development; Robb Lincoin complained to the county’s commissioner that Bitcoin mining uses a lot of power which he sees as worrisome.

Bitmain Unveils Remarkable Cryptocurrency Mining Chip

Recently, Chinese-based Bitmain based unveiled a new cryptocurrency mining chip that the company claims to rival AMD and Nvidia the contemporary chip maker. Bitmain which operate discreetly unveiled the chip which is used for mining special digital currency ethereum, a development which would most likely worry AMD and Nvidia. The chip called “Antminer E3” is an EtHash ASIC miner which experts believe could cause the demand for graphics cards drop.

Data Mining operations are fueled by computer networks that perform calculations and are compensated in bitcoin for the equations they solve. Bitmain gets their revenue from the combination of operating bitcoin mining pools and selling mining equipment.

Bitmain is also trying to expand to many other countries like Canada as well as Switzerland. One of the main reasons why it is trying to expand is because of the increasing regulatory concern in its main country of operation that is China.