Bitmain Technologies is shelving its plans to create a mega Bitcoin mining facility in Rockdale, Texas. The information comes because the Bitcoin mining behemoth continues to downsize each the size of its operations in addition to its workers numbers.
$500 Million Bitcoin Mining Project on Hold
According to Texas Public Radio (TPR), Bitmain his suspending its plans to construct a $500 million crypto mining and knowledge middle in Rockdale. Commenting on the information, Steve Young, the Milam County Judge, mentioned:
I’m actually upset as a result of we had marketed this. We had waited for this and had wished this. We had welcomed this. This was large. We want some optimistic information right here and a few jobs right here. We want a tax base right here, and this was a step in the best course.
Back in mid-2018, the corporate introduced plans to construct one of many largest Bitcoin mining facilities in North America. At the time, Bitmain mentioned the power located on the Alcoa aluminum smelting web site would begin operations in 2019, offering as many as 500 jobs.
For Young, the information is one more blow to the native economic system of a spot struggling to draw investments. Dave Barkemeyer, a former Milam County Judge, says the county has misplaced about 30 p.c of its tax income in the final ten years.
Massive Downsizing of Operations
As at press time, Bitmain is but to problem any official phrase on the matter. However, a spokesperson for the corporate intimated that Bitmain was in the method of downsizing its operations throughout the United States. In an electronic mail reportedly despatched to Young, the spokesperson mentioned:
The proper-sized staff at Rockdale now has the experience to re-begin the undertaking at small scale anytime. Bitmain want to ramp up the location at a slower tempo and scale primarily based on market circumstances.
According to Young, Bitmain had already made some important progress on the power with as many as eight,000 servers working into hundreds of thousands of already on web site.
Meanwhile, the corporate continues to make the rounds on the cryptocurrency information circuit with stories of retrenchments throughout numerous departments. On Thursday, Bitcoinist reported that the corporate will likely be getting a brand new CEO because the co-founders step down from administrative duties.