Bitcoin, Cryptocurrency And Blockchain News

China’s Bitmain Now Has a Subsidiary in the US


Although no official details have been made available by Bitmain, the leadingBbitcoin mining hardware manufacturer is said to be connecting with a startup company known as Ant Creek, LLC with reports indicating it is setting up mining facilities in Washington State., a business data site, reports that Bitmain’s co-owner, Jihan Wu, is the person behind Ant Creek; founded in June 2017 and registered as a profit-making company in Washington State.

While no address is associated with the company, Walla Walla Union-Bulletin says that the port of Walla Walla, a city located in Washington state, is in the process of inking a land-use contract with Ant Creek. Under the terms of the contract, Ant Creek will have a chance to lease land starting in 2019, with an option to buy up to 40 acres. If the two parties agree on the contract, Union Bulletin says that the land will be used to set up a cryptocurrency mining base.

Coindesk reports that the new mining facility is in its advanced stages of development, saying that Ant Creek has already made its proposal. It claims it will bring 15-20 jobs as well as $7-$10 million in private investment to Walla Walla. Additionally, a local official has indicated that he has been working closely with Ant Creek for more than six months on the project now.

Global Expansion Efforts

The new facility in the US is seen as the latest efforts to expand the Chinese-based cryptocurrency mining company in other parts of the world. In the recent past, Bitmain have launched new bases in Canada and Switzerland. While the progress of their new base in Canada also remains something of a mystery, the Swiss subsidiary is already operational under the name Bitmain Switzerland. Just recently, Bitmain also inked a deal with Mongolian authorities that will see the company set up a new base there too.

Analysts say that the company is in the process of expanding into becoming a global icon that can rival other tech-based companies like Google, which have subsidiaries all over the world. Recently, Bitmain spokesman Nishant Sharma told Reuters that the company is looking to partner with authorities from different countries in which they can have access to cheap electrical power. Nishant Sharma said in an email to Reuters:

We are looking at sites with high energy capacities and are in talks with regional power authorities for possible deals,

What’s your take on the recent Bitmain expansion strategy? Will this cement the company’s position as the leading cryptocurrency miner? Let us know your thoughts.