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Bitmain introduces 56k Bitcoin miners to the state

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Bitmain, the Chinese mining hardware tycoon, will introduce 56,000 of its latest Antminers to Georgia in the southeastern United States

Chinese mining hardware tycoon Bitmain wil be bringing 56,000 of its latest Antminers to the Southeastern U.S state of Georgia. The influx of mining rigs is a part of a three-way deal between Nevada-based tech firm ISW Holdings, crypto mining datacenter Bit5ive and Bitmain. The entire cost of the hardware deployment was around $62 million based on the study conducted by ISW and it is meant to create monthly revenue of $10 million when running at full capacity. 

ISW Holdings relinquished with $6 million towards the purchase that will see Bitmain’s Antminer S19J mining rigs deployed under its latest BlockQuarry brand using Bit5ive’s infrastructure. Bitmain allegedly suspended orders of new miners in June in between a thriving second hand market. By October 2022, hopefully it will be operational and the new miners will consume up to 200 megawatts of electricity at a BlockQuarry facility called “POD-CITY” In Georgia. Nevertheless, ISW expects the first 20 MW of power to start working by October next month. 

Alonzo Pierce, president and chairman of ISW Holdings stated that the way the business works has changed ever since it partnered with Bit5ive last year and started designing “state-of-the-art mining pods,” he said. “Looking ahead, our hosting service revenues will be stable and substantial, and capable of strong growth. And our mining revenues will fluctuate with prices in the cryptocurrency space.” Bit5ive will manufacture “BLOQPODS” which will be categorized into “BLOQPARKS” operated by BlockQuarry. Each of these pods has 280 Bitmain Antminers to produce a hash rate of 28,000 terahashes per second (TH/s). 

Bitcoin’s hash rate recovered to 133 EH/s from late June range to 68 EH/s after the great miner migration from China. On-chain analytics provider stated that miners have began taking profits, “The increase in hash-rate is likely a combination of previously obsolete hardware finding a second lease on life, and miners in China successfully relocating, re-establishing or re-homing their hardware and operations,”.

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