Bitmain will build bitcoin data center in Texas

Eugenar

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Quote from: yoseph on October 23, 2019, 05:50:00 AM

Quote from: HeRetiK on October 23, 2019, 03:53:06 AM

So we're finally seeing a Chinese company outsourcing work to the US? Grin

A Chinese company running a mining operation in the US -- that will put an interesting spin on the whole "China controls the majority of Bitcoin mining" argument.

Normally it's the US companies that go to China because of the raw materials and the cheap source of labour but now it's totally different maybe this has to do with the Chinese government stance on banning everything crypto related in their country.

basically what is happening is that, china isn't usually outsourcing but they travel directly to the location to start a project. In this case, when china is now coordinating with US, there's seem no good reason why they need to ban their own crypto then outsource. They will just take their advantage away if they ban the worlds future technology.

rijaljun

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Quote from: bitbunnny on October 23, 2019, 08:09:28 AM

Maybe that is another attempt to save themselves from bankrupcy but that still doesn't mean they will succeed. Mining is still profitable for large companies but not that much as before and the question is if they will be able to make enough profit for successful running of business.

It makes sense and also an other opportunity for them to take, Imagine that they will have a successful operation there, means they won't just succeed in avoiding bankruptcy but also become more successful than before.

jarhed

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Quote from: Chrystora123 on October 23, 2019, 05:35:07 PM

Quote from: yoseph on October 23, 2019, 05:50:00 AM

Quote from: HeRetiK on October 23, 2019, 03:53:06 AM

snip...

Normally it's the US companies that go to China because of the raw materials and the cheap source of labour but now it's totally different maybe this has to do with the Chinese government stance on banning everything crypto related in their country.

I think this business is different from the business of goods or services conducted by the US and China so far that it requires low material prices and employee salaries.

cheap power is the reason.. but I don't know whether that reason is true or not!!

source: https://www.coindesk.com/why-bitmain-is-building-the-worlds-largest-bitcoin-mine-in-rural-texas

I think that this was most likely done because of the position on the distribution of risks from the business. Bitmain apparently wants to control the network and mining of Bitcoin in all cases, even if China completely prohibits the mining of Bitcoin.

Chrystora123

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Quote from: yoseph on October 23, 2019, 05:50:00 AM

Quote from: HeRetiK on October 23, 2019, 03:53:06 AM

snip...

Normally it's the US companies that go to China because of the raw materials and the cheap source of labour but now it's totally different maybe this has to do with the Chinese government stance on banning everything crypto related in their country.

I think this business is different from the business of goods or services conducted by the US and China so far that it requires low material prices and employee salaries.

cheap power is the reason.. but I don't know whether that reason is true or not!!

source: https://www.coindesk.com/why-bitmain-is-building-the-worlds-largest-bitcoin-mine-in-rural-texas

ILuckyGuyI

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Quote from: Mandoy on October 23, 2019, 03:26:24 AM

Have you heard the most viral news that just comes in the crypto world. Almost all bitcoin news websites have its eyes on the new project by bitmain. Bitmain is planning to build a one of a kind and one of their biggest mining farm at Rockdale, Texas. They said that this mining farm has a maximum potential of running a 300 megawatts in the future. Also the mayor of Rockdale is happy with this project since it will provide new jobs to the locals.

As to why it is viral here is my proof:
https://www.coindesk.com/why-bitmain-is-building-the-worlds-largest-bitcoin-mine-in-rural-texas
https://cointelegraph.com/news/bitmain-launches-worlds-largest-crypto-mining-facility-in-texas
https://www.theblockcrypto.com/linked/43950/bitmain-opens-a-large-crypto-mining-farm-in-texas
https://news.bitcoin.com/bitmain-aims-to-build-a-300mw-texas-mining-farm/

This project will really help strengthen the bitcoin network. Also this is a sign that bitcoin is really profitable.

Bitmain is doing a very good job again. I hope we can see data centers for miners to be built in every country. By that, Bitcoin network could be much stronger than now in a short time.

kryptqnick

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Quote from: Mandoy on October 23, 2019, 03:26:24 AM

Have you heard the most viral news that just comes in the crypto world. Almost all bitcoin news websites have its eyes on the new project by bitmain. Bitmain is planning to build a one of a kind and one of their biggest mining farm at Rockdale, Texas. They said that this mining farm has a maximum potential of running a 300 megawatts in the future. Also the mayor of Rockdale is happy with this project since it will provide new jobs to the locals.

As to why it is viral here is my proof:
https://www.coindesk.com/why-bitmain-is-building-the-worlds-largest-bitcoin-mine-in-rural-texas
https://cointelegraph.com/news/bitmain-launches-worlds-largest-crypto-mining-facility-in-texas
https://www.theblockcrypto.com/linked/43950/bitmain-opens-a-large-crypto-mining-farm-in-texas
https://news.bitcoin.com/bitmain-aims-to-build-a-300mw-texas-mining-farm/

This project will really help strengthen the bitcoin network. Also this is a sign that bitcoin is really profitable.

That's a lot of power to dedicate to mining rather than more important stuff. I hope they'll at least try to use eco-friendly electricity. I understand why Bitmain is moving to the US at this point, China is too unwelcoming when it comes to mining. But China already has terrible ecological problems, and I just hope that mining won't become another thing spoiling our planet... Mining becomes more difficult, so it would make sense for some miners to back off. Spending more and more electricity on this does not make sense, it will just increase the difficulty rate and make things even worse.

stompix

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Quote from: HeRetiK on October 23, 2019, 03:53:06 AM

A Chinese company running a mining operation in the US -- that will put an interesting spin on the whole "China controls the majority of Bitcoin mining" argument.

Yeah, grabbing a 10years supply of popcorn to see how this will turn out.
So, will the mine be American or Chinese, just like Binance now, is it Chinese or Maltese.... Cheesy

Globalization has once in a thousand times some fun stories.

Quote from: HeRetiK on October 23, 2019, 03:53:06 AM

So we're finally seeing a Chinese company outsourcing work to the US? Grin

Incoming Trump fans in...

Quote from: Lucius on October 23, 2019, 07:46:41 AM

In my opinion, they could have found a better location, not only as regards the country in which they built a mining farm, but also in terms of cheaper electric energy. Although the USA is considered a crypto-friendly country in some ways, changes in attitude can occur at any time - especially with Trump as president.

You can easily get right from the grid 5 cents per kwh, probably large deals will go as low as 3-4.
In one of the articles, it mentions they are buying the energy first directly under Ercot supervision so, seeing it's 9 AM in Texas and they have more than 10k MW positive output and reserves of 5700 MW so it makes sense selling it cheap rather than throwing it away, especially since they will have constant consumption, even at night when the difference is close to 20k MW, enough for almost all the Balkans countries.

Anyhow, even with Trump, politics in the US are far more predictable than in China. There are no death squads or re-education camps is you step on the CPC's tail.

Quote from: AjithBtc on October 23, 2019, 08:26:02 AM

Bitmain once went bankrupt during the drop in the value of bitcoin from its ath.

And in what dimension and reality did that happen?

AjithBtc

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Bitmain being the leading firm in building mining hardwares creating their own mining farm will make the bitcoin network strong. Bitmain once went bankrupt during the drop in the value of bitcoin from its ath. Now starting their own mining firm will let them grow big and widen the market. If the mining farm is run on solar energy it'll be more profiting and won't cause any hazard to the environment.

Herbert2020

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Quote from: Lucius on October 23, 2019, 07:46:41 AM

In my opinion, they could have found a better location, not only as regards the country in which they built a mining farm, but also in terms of cheaper electric energy.

i believe when a big mining farm wants to start up their business they don't go about it like a regular small time miner paying the normal electricity rates. instead they go about it with special contracts, meaning they go to electric companies and ask for better rates and get that so that they could reduce their costs in the beginning.

bitbunnny

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Quote from: rijaljun on October 23, 2019, 03:43:31 AM

Bitmain was and is known as a giant company in mining industry. Despite there was a report that Bitmain might face bankruptcy last year because of bear market, it seems they have other big plan to avoid that and this is one of their plans.

Talking about sign, of course it is a good sign and also the proof that Bitcoin mining is still a profitable job, but limited for them who get a lot of money.

Maybe that is another attempt to save themselves from bankrupcy but that still doesn't mean they will succeed. Mining is still profitable for large companies but not that much as before and the question is if they will be able to make enough profit for successful running of business.

bounceback

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Quote from: yoseph on October 23, 2019, 05:50:00 AM

Quote from: HeRetiK on October 23, 2019, 03:53:06 AM

So we're finally seeing a Chinese company outsourcing work to the US? Grin

A Chinese company running a mining operation in the US -- that will put an interesting spin on the whole "China controls the majority of Bitcoin mining" argument.

Normally it's the US companies that go to China because of the raw materials and the cheap source of labour but now it's totally different maybe this has to do with the Chinese government stance on banning everything crypto related in their country.

it is possible that Chinese companies entered the US because in their country (China) we now know that their Chinese government now strictly prohibits everyone who cares about bitcoin and other cryptocurrenies so that is why bitmain is opening up their bitcoin mining land in the US to achieve the benefits of bitmain companies.

Darker45

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Quote from: HeRetiK on October 23, 2019, 03:53:06 AM

So we're finally seeing a Chinese company outsourcing work to the US? Grin

A Chinese company running a mining operation in the US -- that will put an interesting spin on the whole "China controls the majority of Bitcoin mining" argument.

If only this kind of business needs significant physical manpower, this wouldn't have left the country where dirt cheap human force is the topmost product. But because this is not the case, it does not worry them transferring to the US. But everything there is to Bitmain is made in china-- the hardware, the CEO, the directors, etc.

Lucius

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In my opinion, they could have found a better location, not only as regards the country in which they built a mining farm, but also in terms of cheaper electric energy. Although the USA is considered a crypto-friendly country in some ways, changes in attitude can occur at any time - especially with Trump as president. Although it sounds a little unbelievable, we should not dismiss the possibility of crypto prohibition in the future.

I agree that crypto mining is very profitable for big players with the current BTC price, and with 50-megawatt this mining farm can have $70+ million revenue per year, and cost to build it is between $80 million and $100 million. If the price of BTC is go up, such an investment can pay off even in one year.

Darooghe

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Good news and a further proof that Bitcoin has a great future ahead. but on the one hand, it’s interesting to the progressive approach of the US. On the other hand, we should remember that this just gives Bitman more of the network’s hashrate and it's still just the Chinese company that taking over more of Bitcoin's hashrate. we desperately need well funded new players in mining.

I know that The cost of attacking Bitcoin at this point is astronomical and we're not in danger of a 51% attack at all right now. But miner centralization is still an issue and bad news is, it's growing. no matter how many people deny it.

blckhawk

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Quote from: Mandoy on October 23, 2019, 03:26:24 AM

Have you heard the most viral news that just comes in the crypto world. Almost all bitcoin news websites have its eyes on the new project by bitmain. Bitmain is planning to build a one of a kind and one of their biggest mining farm at Rockdale, Texas. They said that this mining farm has a maximum potential of running a 300 megawatts in the future. Also the mayor of Rockdale is happy with this project since it will provide new jobs to the locals.

As to why it is viral here is my proof:
https://www.coindesk.com/why-bitmain-is-building-the-worlds-largest-bitcoin-mine-in-rural-texas
https://cointelegraph.com/news/bitmain-launches-worlds-largest-crypto-mining-facility-in-texas
https://www.theblockcrypto.com/linked/43950/bitmain-opens-a-large-crypto-mining-farm-in-texas
https://news.bitcoin.com/bitmain-aims-to-build-a-300mw-texas-mining-farm/

This project will really help strengthen the bitcoin network. Also this is a sign that bitcoin is really profitable.

It's good to hear that such adoption is in the making. More mining nodes will make transactions faster, and considering the next halving would estimatedly happen next year, production of blocks would be faster, supply would near its end, and investors would be more attracted because of faster transaction times. And jobs would be opened for the maintenance of the rigs. They could also provide investment for investors to buy or rent rigs with reasonable profits.

tsaroz

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Bitmain has the best miners and technologies that are unmatched by any other miners. They are not just a mining equipment producer but also the largest miner and pool operator. They have a degree of investment in and on different services and companies like viabtc and coinex. Together they are building a crypto ecosystem just like the GSF.

Shasha80

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To build a mining farm is not easy and requires very expensive costs, moreover build it in the USA. Knowing this I am immediately
think this is a big effort. Certainly the pursuit of an unusually large profitable, of course, I know Bitmain large companies who are
always serious in undergoing projects or businesses. So I'm not surprised what this Bitmain is doing, hopefully this Bitmain plan
there was no obstacle. In fact, I had heard that Bitmain was reportedly bankrupt because of a protracted bear market. Evidently is
gossip. Now Bitmain is running its mega projects quite large in Texas, USA.

yoseph

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Quote from: HeRetiK on October 23, 2019, 03:53:06 AM

So we're finally seeing a Chinese company outsourcing work to the US? Grin

A Chinese company running a mining operation in the US -- that will put an interesting spin on the whole "China controls the majority of Bitcoin mining" argument.

Normally it's the US companies that go to China because of the raw materials and the cheap source of labour but now it's totally different maybe this has to do with the Chinese government stance on banning everything crypto related in their country.

CLS63

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Quote from: Mandoy on October 23, 2019, 03:26:24 AM

Have you heard the most viral news that just comes in the crypto world. Almost all bitcoin news websites have its eyes on the new project by bitmain. Bitmain is planning to build a one of a kind and one of their biggest mining farm at Rockdale, Texas. They said that this mining farm has a maximum potential of running a 300 megawatts in the future. Also the mayor of Rockdale is happy with this project since it will provide new jobs to the locals.

As to why it is viral here is my proof:
https://www.coindesk.com/why-bitmain-is-building-the-worlds-largest-bitcoin-mine-in-rural-texas
https://cointelegraph.com/news/bitmain-launches-worlds-largest-crypto-mining-facility-in-texas
https://www.theblockcrypto.com/linked/43950/bitmain-opens-a-large-crypto-mining-farm-in-texas
https://news.bitcoin.com/bitmain-aims-to-build-a-300mw-texas-mining-farm/

This project will really help strengthen the bitcoin network. Also this is a sign that bitcoin is really profitable.

Bitmain is a really hardworking company in the industry. With this new project of theirs, mining processes will be done at better conditions. 300 megawatts potential energy will ease miners' job more than before and this project will contribute to the development of Bitcoin.

GreenStox

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if bitmain can build more mining sites in texas then it will provide a lot of information in the country there and hopefully can make bitcoin more difficult to obtain and this mining company can become the largest mining company that is still surviving despite the collapse of bitcoin prices like this.

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