A Chinese BTC company is going to invest $25 million in a Texas mining center as the ecosystem is growing, but in the US is considerably slower than in China, so we find out whether the new center will improve the situation as we read more in our latest Bitcoin news today.
BIT Limited, a Chinese BTC company dedicated to mining, announced that it entered into a binding investment term sheet with Dory Creek LLC in order to invest in a crypto mining data center in Texas, and Dory Creek LLC is actually fully owned by BitDeer. The Chinese company will invest $25 million and will operate together with Dory Creek in Texas. The mining center has a total power capacity of 57.2 megawatts. The majority of the mining operations of BIT Mining are taking place in China’s Sichuan province which is a hotspot for miners because of the low cost of hydroelectric power.
The move to open a mining center in Texas is a part of BIT Limited objective to lower the carbon footprint and according to the statements, the company claims it has more than 98% of the power capacity that will be generated from green sources. China and the US are competing for dominance in the crypto space. According to Cambridge University, about two-thirds of the world’s BTC mining industry happens in China but this figure is dropping as the country enjoyed 75% of the world’s BTC mining industry.
China has a huge command of the BTC mining market but the United States has been pivoting to the industry as well. The United States holds over 7% of the world’s BTC mining industry marking an increase of 4% in September 2019. BIT Mining is not the first company that will turn to Texas because of its potential. UK Based Argo Blockchain also purchased land in the state to launch a BTC mining operation. US Firm Riot Blockchain dropped $650 million on a huge mining site in TExas a year ago.
As reported recently, It is now harder to mine BTC than ever as the BTC mining difficulty records a new high soaring by more than 21.5%. This is the biggest increase since October 2017. The new ATH of 25 trillion represents a 21.5% increase since the last readjustment when the difficulty dropped by 12.6% recording the BTC networks biggest downward correction since the year started.
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