Chinese Bitcoin Mining Company Invests $25M in New Facility in Texas

BIT Mining's new Texas facility will open a new frontier for the firm at a time of rapid investment in North American mining.

AccessTimeIconMay 20, 2021 at 3:41 p.m. UTC
Updated Aug 19, 2021 at 9:34 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The firm that runs the BTC.com bitcoin mining pool is seeking out mining real estate in Texas.

Publicly traded BIT Mining Limited has signed a binding investment term sheet with Dory Creek, a subsidiary of ASIC manufacturer Bitdeer, to build a mining farm in Texas.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • BIT Mining plans to invest $25.74 million in the 57-megawatt facility, which it will operate alongside Dory Creek. The company claims that 85% of its power is “generated by clean and low-carbon energy.”

    Formerly known as 500.com, BIT Mining finalized its purchase of BTC.com in April and operates machines in Sichuan, China. 

    The company’s investment in a Texas data center comes at a time when investment in North American mining is hotter than ever, and at a time when bitcoin is facing heat for its perceived energy appetite.

    With scrutiny turned toward bitcoin’s energy mix, more North American mining companies are seeking to make their energy sources 100% renewable. The Chinese government has also made an effort to curtail mining operations in the coal-rich region of Inner Mongolia, where Sichuan is located, citing carbon emissions for the restrictions.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.