Mining Giant Bitmain Pauses Operations on Bitcoin Mine in Texas

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Bitmain being China-related leading mining and mining ASIC hardware producer has supposedly its mining operation in Rockdale,
Mining Giant Bitmain Pauses Operations on Bitcoin Mine in Texas

Bitmain being China-related leading mining and mining ASIC hardware producer has supposedly its mining operation in Rockdale, the public radio station Texas Public Radio publishes on Jan.10. Situated in Milam County, Rockdale lies in the east of Austin, in the United States state of Texas.

A Milam County Judge, Steve Young, published a statement mentioning that all Bitmain employees in spite of two engineers and the director of human relations had been laid off, not just this but the operations had also been paused.

As per the article, Young mentioned later that the company told him Bitmain will plunge down the operation rather than shut it down, now working with only five employees instead of 15. Young reportedly mentioned:

“They have spent millions thus far to renovate the buildings. […] I’m told there are 7,000 or 8,000 servers out there already.”

“I’m really disappointed because we had advertised this, we had waited for this, we had wanted this and we had welcomed this,” Milam county judge Steve Young described this Friday. He further states:

“This was huge, we need some positive news here and we need some jobs here — we need a tax base here and this was a step in the right direction.”

As per the aforementioned article, Young cited the collapse of the price of Bitcoin (BTC) as a reason for the new — less determined — plans. A Bitmain spokesman stated:

“The right-sized team at Rockdale now has the expertise to re-start the project at small scale anytime. Bitmain would like to ramp up the site at a slower pace and scale based on market conditions.”

Young also supposedly mentioned that Bitmain committed to appointing locally and insisted on paying the school district taxes as opposed to taking an offered abatement. As per the article, the question remains as concerns, the 10-year tax break on county taxes on real and personal property.

As Cointelegraph published in August last year, Bitmain intended to build a $500 million blockchain data center and mining facility in Texas as part of its growth into the U.S. market.

Media outlets have lately reported Bitmain has been aiming to let employees go from various projects.

In December 2018, it was published that Bitmain and major crypto exchange Huobi have allegedly confirmed plans to lay off staff.

As well, several Chinese commentators have also appealed that Bitmain has let go of its entire team of Bitcoin Cash (BCH) developers. Also in December, news broke that Bitmain was terminating its development center in Israel and letting local employees go.

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Published on August 29, 2019 by Admin
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