Major China-based Bitcoin mining giant Bitmain is looking to expand its business into new territories like the United States. It was reported by the local media outlet Union-Bulletin that the company is looking to expand in the city of Port of Walla Walla in Washington. A major reason for this move is the Chinese regulators and regulations.
Bitmain will open new headquarters in Port of Walla Walla
Bitmain has not made an official announcement regarding the news. So far the information is based on the Union-Bulletin report. The article mentioned a company named Ant Creek that will be settling down in the United States for Bitmain. Ant Creek was registered last year in Washington by Bitmain’s co-founder Jihan Wu as its only director. The information is revealed by the Online Registration Data.
Since then the company has been working with port authorities to set up Bitmain headquarters in USA. According to Port officials Port of Walla Walla will be leasing land to Ant Creek from early 2019. The company will be allowed to purchase up to 40 acres of land and will open between 15 up to 25 full time jobs. It was reported that the lease can bring between 7$ million and 10$ million of private investments.
The Executive Director of Port of Walla Walla, Mr. Patrick Reay revealed that his port officials have been working with Antcreek LLC for six months on setting up a Bitcoin Facility. They are also not concerned about the electricity requirements of Ant Creek because they are not an electric purveyor. If the deal is approved, the lease price will be 4,166$ plus the state leaseholder tax of 535$. Ant Creek will be leasing the property called “Kelly Property”.
Bitmain profits at record Highs
The news is coming after a great year for the company with unprecedented growth in profits. The company’s operating profits for last year are estimated to 4$ billion which is a record high for the company. They are rivaling the Graphics card giant NVIDIA with their 3$ billion operating profits for the same time.
The recent crackdown on cryptocurrencies from the Chinese government is the main reason for the expansion from Bitmain. The regulatory climate of China is not looking too good for the cryptocurrency industry. Bitmain set a new subsidiary in Switzerland as well, earlier this year. The company is planning to expand out of China and to go global so it can escape regulatory problems.
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