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Chinese Bitcoin Mining Company Invests $25M in New Facility in Texas
BIT Mining's new Texas facility will open a new frontier for the firm at a time of rapid investment in North American mining.
Updated Sep 14, 2021, 12:58 p.m. Published May 20, 2021, 3:41 p.m.
The firm that runs the BTC.com bitcoin mining pool is seeking out mining real estate in Texas.
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Publicly traded BIT Mining Limited has signed a binding investment term sheet with Dory Creek, a subsidiary of ASIC manufacturer Bitdeer, to build a mining farm in Texas.
Read more: Upstate NY Bitcoin Miner Greenidge to Offset Rigs’ Carbon Emissions
BIT Mining plans to invest $25.74 million in the 57-megawatt facility, which it will operate alongside Dory Creek. The company claims that 85% of its power is “generated by clean and low-carbon energy.”
Formerly known as 500.com, BIT Mining finalized its purchase of BTC.com in April and operates machines in Sichuan, China.
The company’s investment in a Texas data center comes at a time when investment in North American mining is hotter than ever, and at a time when bitcoin is facing heat for its perceived energy appetite.
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Read more: US Bitcoin Mining Venture Raises $14M for All-Renewable Energy Mining
With scrutiny turned toward bitcoin’s energy mix, more North American mining companies are seeking to make their energy sources 100% renewable. The Chinese government has also made an effort to curtail mining operations in the coal-rich region of Inner Mongolia, where Sichuan is located, citing carbon emissions for the restrictions.
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What to know:
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