Chinese Bitcoin Company Invests $ 25 Million In Texas Mining Center

BIT Limited, a Chinese cryptocurrency mining company, announced that it has entered a binding investment magazine with Dory Creek LLC to invest in a crypto mining data center in Texas. Dory Creek LLC is a wholly owned subsidiary of Bitdeer, Inc. The Chinese company will invest $ 25 million to set up and operate the Texas mining center and will work with Dory Creek LLC. The total capacity of the mining center is 57.2 megawatts. Currently, most of BIT Mining's crypto mining activities are taking place in Sichuan Province of China, which is a hot spot for crypto miners due to its low hydroelectric cost. China's Sichuan Province is home to a large number of Bitcoin miners due to the low cost of hydroelectricity. Source: wikipedia. The decision to open a mining center in Texas is part of BIT Limited's goal to reduce its environmental footprint. According to the statement prepared, the company claims that more than 98% of its electricity capacity is produced from green sources. Crypto Mining: China and the United States China and the United States are struggling to gain a foothold in the growing crypto mining industry. About two-thirds of global Bitcoin mining takes place in China, according to Cambridge University. However, this number is falling. As of September 2019, China controlled 75% of global Bitcoin mining. China still has significant control over the Bitcoin mining market, but the United States is also turning to this industry. Today, the United States controls more than 7% of the global Bitcoin mining industry, which was around 4% in September 2019. Moreover, BIT Mining is not the first company to focus on Texas' mining potential. In March of this year, Britain's Argo Blockchain purchased land at Lone Star State to start a Bitcoin mining operation. US company Riot Blockchain also lost $ 650 million on a massive Bitcoin mining site in Texas last year. CompanyLearn more

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