Chinese mining giant Bitmain confirmed that it is set to open a new cryptocurrency mining facility in Rockdale, Texas, USA.
The company which made the revelation on Monday, August 6 is expecting the mining operations to start by early next year.
Bitmain explained that it is investing a whopping $500 million into a new blockchain data center in Texas.
The amount which would be spent over the next seven year is part of their strategic investment and expansion plans within the continent.
A total of 400 residents will be employed in the facility, with Bitmain looking to start educational and training programs for potential employees
The news of this latest development surfaced last month when a local newspaper, revealed that Bitmain was taking over a former aluminum smelting facility, according to reports by the Dallas News.
Public officials in Rockdale, however, declined to make comments about the project at the time.
According to the newspaper, the authorities did a terrible job in keeping the new mining operation a secret. They labeled it the worst-kept secret in the Rockdale area.
Bitmain, which is currently the world’s largest mining firm is valued around $12 billion. The company had already posted preliminary job openings for the move on online employment listings website Indeed.com.
This latest development is a plus for Bitmain after it saw its Washington state facility proposal approved.
The company was granted approval for a land lease to set up mining operations in the state of Washington even though there has been some resistance from local residents about cryptocurrency mining operations.
Bitmain is expanding its operations globally. The firm is reportedly looking to open offices in Brazil, as it also has bases in Switzerland and Israel where it can carry out mining operations.
Bitmain not affected by the bear market
Most cryptocurrency-based companies have been affected by the bear market which has been in play since the start of the year.
Bitmain isn’t one of those companies. Fortune earlier reported that Bitmain raked in $1.1 billion in profit during the first quarter of 2018.
Citing an email obtained from a source close to the firm, Fortune added that Bitmain expects to earn $2 to $3 billion in profit for the fiscal year.
Those figures are astonishing and put them in the same bracket as chipmaking giant Nvidia, who reported a net income of $1.2 billion during the first quarter.
Bitmain has also experienced massive growth compared to last year when it brought in $1.2 billion in profit and $2.5 billion in revenue.
Bitmain is also reportedly in the final stages of preparing to hold an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX). Even though no official date has been provided yet, Bitmain claims it would go public soon.