Bitcoin Mining Firm BIT To Invest $25 Million In Texas Data Center

Bitcoin Mining Firm BIT To Invest $25 Million In Texas Data Center

China’s BIT Mining Limited, a major bitcoin mining firm, has invested $25 million to build a data center in Texas.

According to a recent press release, major bitcoin mining firm BIT Mining Limited has entered a binding investment term sheet with Dory Creek LLC, a subsidiary of cloud mining service Bitdeer, to invest $25.74 million and jointly construct and operate a mining data center in Texas.

The total power capacity of the center is expected to be 57.2 megawatts, with more than 85% of this generated by clean and low-carbon energy.

BIT Mining has a total bitcoin mining hash rate capacity of over 1,031 petahashes per second. Its BTC.com mining pool currently contributes about 14.79 exahashes per second, or 9.85% of the total network hash rate. It also operates three hydroelectric cryptocurrency data centers and positioned the plans in Texas as a compliment to its mission to leverage only clean energy.

“Upon completion of the Texas Mining Center, over 98% of [BIT Mining’s] total power capacity would be generated by clean and low-carbon energy,” according to the release. “Going forward, BIT Mining intends to do its part, fulfill its obligations to achieving carbon neutrality and proactively seek out additional high-quality mining resources overseas.”

Texas’ almost nonexistent reserve margin for energy supply, and a relatively low energy cost has made it an attractive place for bitcoin mining operations. Bitmain has set up shop in the state and lawmakers there have outwardly embraced the practice.

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