Bitmain planned to expand their Bitcoin mining business in Georgia and aimed to generate $10 million per month.
After the ban of crypto mining operations in China, a big opportunity generated in the world for many companies. Bitmain firm seems not going to lose this opportunity and enter more deeply in this crypto mining operation based business.
Bitmain established a partnership with other two firms Nevada-based tech firm ISW Holdings, crypto mining datacenter Bit5ive and now as the part of partnership deal, Bitmain brings 56,000 of its latest Antminers to the southeastern U.S. state of Georgia.
According to the ISW firm, the deployment of 56,000 mining equipment will cost around $62 million. And if these mining equipment will run on full capacity then they will generate $10 million revenue per month.
So we can say, if these imported mining equipment will run on full capacity then, Bitmain will recover the cost of Investment within 7 months.
With the use of Bit5ive’s infrastructure, antiminers ( S19) will be deployed under the new brand BlockQuarry.
In June, second hand mining equipment was on sale in huge amounts, so Bitmain stopped buying new mining equipment.
It is expected that, whole setup will be ready by October 2022. And when these mining equipment will run on full capacity then it will consume around 200 MW of electricity in the BlockQuarry facility (POD-CITY) Georgia.
The president and chairman of ISW Holdings, Alonzo Pierce, stated that their business nature now changed under the partnership with Bit5ive last year. And now they will work to design “state-of-the-art mining pods,”
“Looking ahead, our hosting service revenues will be stable and substantial, and capable of strong growth. And our mining revenues will fluctuate with prices in the cryptocurrency space.”