Chinese company to invest $25 million in a Texas crypto mining center

Bit Mining Limited, formerly known as 500.com, has announced its entry on a binding investment worth $25 million with Dory Creek, LLC to establish and operate a 57.2-megawatt cryptocurrency mining facility in Texas, USA, that will be powered by 85% low-carbon energy.

The Chinese company that once focused on lottery operations has been starting to lean towards the digital currency mining industry. In mid-February, when it was still known as 500.com, the company announced it had acquired mining company Btc.com.

Last month, 500.com rebranded and was re-introduced as Bit Mining Limited, following its acquisition of mining rig manufacturer Bee Computing. Meanwhile, its partnership with the Bitdeer wholly-owned subsidiary Dory Creek was announced on May 19 marking its latest move to crypto mining.

The binding investment partnership

Under the terms of their partnership, Bit Mining and Dory Creek will allocate $25.74 million to facilitate a joint construction and operation of a Texas Mining Center, with the Shenzhen-based company highlighting that business operation will focus on lowering its carbon footprint and protecting the environment.

With electric supply being optimized in Texas, the soon-to-be-established mining center will leverage higher proportions of electricity generated through clean energy to provide its 57.2 MW power requirement.

Focusing on carbon neutrality

Bit Mining Limited claims its current data centers in Sichuan Province, China completely runs on clean energy and so will the Texas Mining Center that is also expected to help the local economy and provide job opportunities.

The company is standing firm on its promise of focusing on carbon neutrality with the announcement of the new project being littered with commentary about cryptocurrency mining’s negative impact on the environment, likely being affected by the drama sparked by Elon Musk and Tesla in the past few days.

 

Image courtesy of Cointelegraph News/YouTube

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