Bitmain Going Big on Bitcoin Mining, Bringing in a Large Number of Miners

Ever since Bitcoin mining started trending towards the end of 2020, Bitmain has been one of the hottest companies in the business. Bitmain is a cryptocurrency mining hardware providing giant that is from China. It is responsible for processing huge orders for many cryptocurrency mining companies from around the world.

As the mining business continues growing larger in the United States, some of the biggest clients for Bitmain have turned out to be from its rival country. Even one of the largest orders it has received for cryptocurrency miners is from the United States.

It has been reported that Bitmain will be supplying a large batch of Antminers to the Georgia State in the United States. It has been confirmed that a total of 56,000 Antminers will be delivered in the particular state.

It has been confirmed that the provision of the Antminers is going to be a three-way deal. The parties involved in the deal would be Bitmain, Bit5ive (a data center for the cryptocurrency mining), and ISW Holdings, a tech firm based in Nevada.

ISW Holdings has revealed the amount of money that will be spent for the acquisition and delivery of the Antminers. The firm has revealed that it is going to cost around $62 million for the acquisition and deployment of the Antminers.

ISW Holdings has also revealed the monthly that will be generated with the help of the mining rigs once they have been deployed. According to the firm, around $10 million will be generated in the form of monthly revenue. The estimation of $10 million by ISW Holdings is based on the full capacity of the 56,000 Antminers.

According to ISW Holdings, they have already finalized the deal for $6 million worth of Antminers. The firm has revealed that the initial $6 million transactions have been made for the acquisition of S19J mining rigs. These particular cryptocurrency mining rigs will be installed at their new brand’s facility, known as BlockQuarry. The firm aiding in the deployment process of the miners will be Bit5ive, which will be providing its infrastructure.

It was back in June of 2021 when Bitmain had announced that it would no longer provide new Antminers. The decision was made due to the second-hand market for the mining rigs flowing with hardware. It had happened because of the Chinese regulatory crackdown on cryptocurrency mining activities in the country. Therefore, an enormous number of equipment for mining and hardware was sold by mining farms and companies in China, after the complete ban on mining activities.

The companies have confirmed the transactions and deployments of the mining rigs will be completed by October of 2022. Once fully deployed and operational, the mining equipment would require 200 megawatts for operations.