Chinese Bitcoin Mining Giant Bitmain Is Expanding To The United StatesMarch 15, 2018 4:24 pm
Bitmain, the major China-based cryptocurrency miner, is looking to get its foot in the door in the United States, seeking to expand to the city of Walla Walla, Washington, according to local news source the Union-Bulletin.
Although Bitcoin itself has not announced a US expansion, the report said, the article does mention a company known as Ant Creek involved in the move.
Cryptocoinsnews, citing online registration data, reports Ant Creek being registered in Washington State last year – explaining Bitmain co-founder Jihan Wu is the sole governing person listed.
According to the Union-Bulletin article, the Port of Walla Walla would be leasing land from early 2019 and the company will be given an option to purchase up to 40 acres in future. Port officials have also reported this could bring between $7 million and $10 million of private investment as many as 15-20 full-time jobs.
In addition, Port Executive Director Patrick Reay said his agency has been working with Antcreek LLC for about six months on the development of a blockchain facility, the report said. Patrick is unconcerned about electricity demand because the port is not an electric purveyor.
If approved, the report said, the lease price is set at $4,166 along with an additional state leasehold tax of $535. The land Ant Creek will be leasing is known as the “Kelly Property.”
Bitmain has currently been seeing unprecedented profits in the last year, Cryptocoinsnews reported. It is estimated Bitmain made anywhere between $3 billion to $4 billion in operating profits last year, rivalling GPU Giant NVIDIA which made $3 billion in operating profits at the same time.
Bitmain’s expansion comes on the heels of the recent crackdown on cryptocurrencies by the Chinese government, the report said.
Earlier this year, Bitmain set a new subsidiary in Switzerland to expand out of China. The company is looking to go global, so regulations in one country won’t affect their operations.
– WN.com, Jack Durschlag