DMG Blockchain has decided to stop the management agreement with Bitmain
On January 6, 2020, DMG Blockchain Solutions – the manager of the cryptocurrency mining farm Bitmain, in Texas announced that it would cancel the management agreement with Bitmain. DMG said that because it was not proven to be cost-effective or effective for both companies.
Undoubtedly an event quickly considered only in October 2019 when Bitmain launched its new mining facility in Texas with plans to become the largest Bitcoin mining facility. It is unclear whether the Texan mine will remain operational, or if Bitmain will find a replacement manager.
Bitmain launched its mining farm in Rockdale, Texas in October 2019. At the time of its launch, Bitmain declared the new farm to be “the world’s largest in bitcoin mining”. They are expected to have a capacity of over 300 MW in the future.
Bitmain has started its employee optimization plans by allowing employees to resign in exchange for compensation. Bitmain’s goal is to reduce its workforce by 50% during the next Bitcoin price cut. On the sidelines, Zhan expressed his strong opposition to the dismissal, saying it was a suicide for the Company.
Bitmain did not respond to The Block’s comment request at the time this article was published. The DMG Blockchain declined to comment on the status of Bitmain’s Texas mining farm.
Meanwhile, DMG Blockchain and Bitmain will continue to cooperate for other mining sites, including DMG’s Christina Lake mining facility, according to a statement from the DMG Blockchain. Bitmain recently shipped 1,000 new mining tools to the site, and the mining companies are now fully operational.
1,000 S17 Pro Antminers from Bitmain
In mid-December 2019, Riot announced the purchase of an additional 1,000 S17 Pro Antminers from Bitmain, expected to receive in January. Therefore, upgrading the entire Riot’s Oklahoma City mining facility to the new S17 Pro generation of mining equipment can be completed in the next four weeks.
According to the January 8 press release, Riot currently operates nearly 3,000 S17 Pro Antminers that it has purchased from Chinese mining giant Bitmain. New mining machines are set up at Riot’s mining facility, Oklahoma City, with the company hiring more people to exploit new mining tools and speed up the upgrade process.
Riot predicts that after deploying all 4,000 next-generation mining tools, its aggregate activity hash function at Oklahoma City’s mining facility will reach approximately 248 petahash per second, increase hardware energy efficiency by 240% compared to Riot’s hash function.
Bitmain opens a large cryptocurrency mining farm in Texas
Chinese mining hardware giant Bitmain has launched a 50MW cryptocurrency mining farm in Rockdale, Texas.
Bitmain said the farm could expand to a capacity of more than 300MW, making it the largest bitcoin mining company in the world. This is Bitmain’s third cryptocurrency mining project.
To build and operate the facility in Texas, Bitmain has partnered with Rockdale Municipal Development District and Canadian technology company DMG Blockchain Solutions. The 50MW farm has been built on a 33,000-acre site owned by aluminum producer Alcoa, according to the announcement. Bitmain said it would then expand the farm to more than 300MW.
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