Bitmain brings 56,000 bitcoin miners to the state

Chinese hardware mining giant Bitmain is set to bring its newest 56,000 Antminers to the southeastern US state of Georgia.

The mining equipment line is part of a tripartite agreement between Nevada-based technology company ISW Holdings, crypto mining data center Bit5ive, and Bitmain. According to ISW, the total cost of hardware deployment is around $ 62 million and is expected to generate monthly revenue of $ 10 million at total capacity.

ISW Holdings parted ways with $ 6 million to purchase Bitmain’s Antminer S19J mining rigs, deployed under its new BlockQuarry brand with Bit5ive’s infrastructure. Bitmain is said to have suspended orders from new miners in June amid the booming second-hand market.

When fully operational in October 2022, the new miners will consume up to 200 megawatts of electricity in Georgia’s BlockQuarry facility called “POD-CITY.” According to the announcement, ISW initially expected that the first 20 MW of electricity would operate in October next month.

Alonzo Pierce, President and President of ISW Holdings, said the nature of the business has changed since partnering with Bit5ive last year and beginning the development of “modern mining pools,” added:

“Our hosting revenue will be stable and substantial from now on, with strong growth potential. And our mining revenues will fluctuate according to the price in the crypto space. “

Bit5ive will produce “BLOQPODS” grouped into “BLOQPARKS” operated by BlockQuarry. Each pool consists of 280 Bitmain Antminers to generate a hash rate of 28,000 terahashes per second (TH / s).

ISW Holdings operated 700 mining machines, including the Bitmain Antminer S17s, S19s, and Canaan Avalons, at a Bit5ive-managed facility in Pennsylvania.

Related: Bitcoin hash rate has tripled since Jun. 28 as it recovered from China Syndrome

Bitcoin’s hash rate has recovered from a drop to 68 EH / s in late June after the great miner exodus from China to 133 EH / s. Online analytics provider Glassnode reported on Sept. 6 that miners have started taking profits, adding:

“The increase in hash rate could be a combination of previously obsolete hardware that has found a second life and miners in China who have managed to relocate, reset, or relocate their hardware and operations.”