Bitcoin mining giant Bitmain Technologies has announced its expansion to Texas with its new blockchain data center and cryptocurrency mining facility.
The new blockchain data center will be located in the city of Rockdale, Milam County, Texas. The company announced an investment of over $500 million over the next seven years into the new facility, which, it says, is in line with its strategic investment and expansion plans within North America.
Bitmain further said that it expects the on-going construction and set-up to finish early in the fourth quarter of 2018, with the data center initiation in early 2019. It also anticipates the new facility to generate 400 local jobs over the first two years and plans to launch professional and technical training programs.
“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,” said Jeff Stearns, executive vice president and director of operations for Bitmain, North America.
Founded in 2013, Bitmain is leading bitcoin miner and mining chip designer, headquartered in Beijing. The company is reportedly planning to file for an initial public offering (IPO) very soon.
Recent reports suggested that Sequoia Capital China has led a US$400 million pre-IPO round in Bitmain Technologies, which Founder Jihan Wu currently values at just under $12 billion. The company is reportedly raising an additional funding which will bring its valuation to $14 billion.
Referring to an email received by Term Sheet, Fortune reported that Bitmain’s net profit stood at $1.2 billion and net margin at approximately 50% in 2017. The company has reportedly secured $1.1 billion in net profit just in the first quarter of 2018 and net profit for the full year is projected at somewhere around $2 to $3 billion.
