Home>News>Economy>Cryptocurrency>Chinese Firm Invests $25 Million in ‘Cryptocurrency Mining Data Center’ in Texas

Chinese Firm Invests $25 Million in ‘Cryptocurrency Mining Data Center’ in Texas

Chinese Firm Invests $25 Million in ‘Cryptocurrency Mining Data Center’ in Texas

On Wednesday, the firm Bit Mining Limited, formerly known as 500.com, announced it has entered into a binding investment in a cryptocurrency mining data center located in Texas. The binding investment worth $25 million is with Dory Creek, LLC as the two companies will construct and operate a 57.2 MW mining facility powered by 85% low-carbon energy.

Bit Mining Pledges $25M to Build a Texas Mining Facility With Bitdeer

The Chinese company Bit Mining Limited has been making a number of moves into the cryptocurrency mining industry after the business used to be dedicated to lottery operations. Back in mid-February, Bitcoin.com News reported on Bit Mining when the company was called 500.com and the firm announced it acquired the mining company Btc.com.

In April, the company revealed it had rebranded and Bit Mining Limited (NYSE: BTCM) also said it acquired the mining rig manufacturer Bee Computing. The partnership with Dory Creek, a wholly-owned subsidiary of Bitdeer, was announced on May 19.

Chinese Firm Invests $25 Million in ‘Cryptocurrency Mining Data Center’ in Texas

The two firms will invest $25.74 million in order to “jointly construct and operate the Texas Mining Center.” The Shenzhen-based company highlights in the announcement that the business operation is focused on “lowering its carbon footprint” and “protecting the environment.”

“The total power capacity of the Texas Mining Center is 57.2MW, with more than 85% of its power generated by clean and low-carbon energy,” Bit’s Texas Mining Center announcement states. “As the electricity supply is further optimized in Texas, the Texas Mining Center will use higher proportions of electricity generated by clean energy.”

Bit Mining’s Texas Crypto Mining Center Announcement Focuses on Carbon Neutrality

Bit’s current data centers in Sichuan Province, China “run 100% on clean energy,” the company claims. The new operation in Texas can help the local economy and further “provide local employment opportunities,” Bit Mining says.

The company’s announcement is littered with commentary about carbon neutrality as if it’s taken notice of the recent energy drama sparked by Tesla in recent times. Meanwhile, following the announcement on Wednesday, the following day, BTCM shares jumped over 7% during the last 24 hours.

“Upon completion of the Texas Mining Center,” Bit’s announcement concludes. “Over 98% of the company’s total power capacity would be generated by clean and low-carbon energy. Going forward, Bit Mining intends to do its part, fulfill its obligations to achieving carbon neutrality and proactively seek out additional high-quality mining resources overseas.”

What do you think about Bit Mining investing in a Texas mining facility with Bitdeer? Let us know what you think about this subject in the comments section below.

14.10.2021, 09:00
Yield App Doubles Assets In Q3 As It Scores Big With Premier League Partnership
12.10.2021, 06:00
Blockchain Intelligence Company Elliptic Raises $60 Million — Evolution Equity Partners, Softbank Bolster Series C
02.08.2021, 07:02
Cash App’s quarterly Bitcoin revenue triples despite BTC impairment loss for Square
27.05.2021, 19:30
Veriblock Reveals Initiative to Recycle Bitcoin’s Energy Consumption by Securing Dogecoin
10.06.2021, 16:00
China Arrests 1,100 People Allegedly Using Cryptocurrency to Launder Criminal Proceeds
24.07.2021, 23:01
Britain faces ‘decades of financial risk’ as £370bn pandemic bill mounts
30.10.2021, 12:30
Russia’s Constitutional Court Expects to Face Crypto-Related Cases
06.08.2021, 02:03
Venezuela to launch CBDC in October — and cut six zeros from its currency