Bitmain, the Chinese mining hardware giant will bring its latest 56,000 Bitcoin miners to the southeastern state in the US, Georgia. The mining hardware series is part of a tripartite agreement. This agreement is between Nevada-based technology company ISW Holdings, Bitmain, and crypto mining datacenter Bit5ive. As claimed by ISW Holdings, the total cost to implement the equipment will be around $62 million. It will be generating around $10 million in monthly revenue when it will run with its full capacity.
ISW Holdings has allocated $6 million for the acquisition, under which Bitmain’s Antminer S19J mining rigs will be deployed. They will do it under the new BlockQuarry brand using the Bit5ive infrastructure. In June this year, Bitmain reportedly suspended orders for new miners in the middle of a booming secondhand market.
Once it will be fully operational in October the next year, the new miners will consume up to 200 megawatts of electricity at BlockQuarry’s “POD-CITY” facility in Georgia. Moreover, according to the report, ISW expects the first 20 MW of electricity to be operational by October.
The president and chairman of ISW Holdings, Alonzo Pierce said the nature of the business has changed since the partnership with Bit5ive last year and has begun developing “state of the art mining pods”. H further added:
“Looking ahead, our hosting service revenues will be stable and substantial, and capable of strong growth. And our mining revenues will fluctuate with prices in the cryptocurrency space.”
Bit5ive’s Bitmain Antminers
Bit5ive will create “BLOQPODS” which will be grouped into “BLOQPARKS” managed by BlockQuarry. Each pool consists of 280 Bitmain Antminers and they generate a hash rate of about 28,000 terahashes per second (TH/s). Currently, ISW is operating 700 miners. It includes Bitmain Antminer S17s, S19s, and Canaan Avalons at a site operated by Bit5ive in Pennsylvania.
Also, at present, Bitcoin’s hash rate has recovered from its fall in late June this year after a massive exodus of mining from China. Previously it was at 68 EH/s but it rose to 133 EH/s. On September 6, On-chain analytics provider, Glassnode, reported that miners have started making profits, saying:
“The increase in hash-rate is likely a combination of previously obsolete hardware finding a second lease on life, and miners in China successfully relocating, re-establishing or re-homing their hardware and operations,”
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