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.
The firm that runs the BTC.com bitcoin mining pool is seeking out mining real estate in Texas.
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.
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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.