Bitmain, the world’s largest bitcoin mining equipment manufacturer recently announced that they have started constructing plans for a new blockchain data center and cryptocurrency mining facility in Rockdale in Milam Country, Texas. This is part of their ongoing North American expansion drive.
The crypto giant has projected that they will be investing upwards of $500 million into the area and they are expecting to create more than 400 new jobs. This could be the key moment for Rockdale that has been devastated by de-industrialization and job losses. This could potentially be the push that the city needs to reinvent itself and make itself attractive for other companies as well.
According to a statement from Bitmain, the facility will be operational within two years and they will be investing more than $500 million over the next seven years.
The facility will be located in an abandoned Alcoa aluminum smelter plant. Once the facility is up and running, it could breathe new life into the surrounding areas and small businesses. So this is more than just a new facility that some company is opening up in Texas. This could completely change the city that has been left behind due to de-industrialization.
Another amazing part about this investment is that Bitmain has also promised that they will be partnering up with local schools and educational institutions in Milam County to equip the local students and residents with the technical and professional skills they would need to have careers at the data facility.
To show how serious the company is about this investment and further expanding it, they have already announced recruitment for several positions at the data facility including engineers, technicians, senior management, sales associates, finance associates, and research associates.
Bitmain said in the statement that the Rockdale data center is a key component to their overall strategic investment and expansion plans within North America.
Since being founded in China in 2013, Bitmain has grown at an unprecedented rate. And in less than five years, it has become the largest company in the entire cryptocurrency industry. Not only that, it is also taking over other mainstream hardware manufacturing companies like Nvidia in terms of quarterly profits. In Q1 2018 alone, the company made over 1.1 billion in profits, while Nvidia reported a net income of $1.2 billion in Q1.
The North American expansion is part of their plan. The company is also expanding across Asia and Europe as it prepares to go public later this year.