Bitmain, a leading ASIC chip maker and crypto mining hardware manufacturer, recently announced plans to open a new blockchain data center in the coal-mining town of Rockdale, Texas.
According to the announcement, construction and set-up are underway at the future facility’s site. Bitmain estimates that the construction phase will conclude in the fourth quarter of 2018 and the data center initiation will begin in early 2019.
Altogether, the new facility will cost around $500 million and produce more than 400 jobs for the Rockdale economy. Ultimately, the proposed costs are a drop in the bucket for the company, which reportedly made $1.1 billion in profits in the first quarter of 2018 alone.
In a statement accompanying the announcement, Jeff Stearns, the executive vice president and director of operations for Bitmain North America, emphasized the company’s excitement to launch the endeavor.
Bitmain is truly honored to announce this news and is excited to work with local partners, government and stakeholders in realizing this vision, throughout the initial set-up phase, operations and beyond.
Bitmain plans to apply for an IPO in Hong Kong in September and expects a market capitalization of around $30 to $40 billion by the end of this year.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.