Bitmain brings 56k Bitcoin miners to the state of Georgia

Chinese mining hardware company Bitmain will be bringing 56,000 of its latest Antminers to the southeastern U.S. state of Georgia.

Bitmain brings 56k Bitcoin miners to the state of Georgia

According to the report, the influx of mining rigs is part of a three-way deal between Nevada-based tech firm ISW Holdings, crypto mining datacenter Bit5ive, and Bitmain. The total cost of the hardware deployment will be around $62 million according to ISW which is expected to generate monthly revenue of $10 million when running at full capacity.

ISW Holdings has already parted with $6 million towards the purchase that will see Bitmain's Antminer S19J mining rigs deployed under its new BlockQuarry brand using Bit5ive’s infrastructure.

The new miners will consume up to 200 megawatts of electricity at a BlockQuarry facility called POD-CITY in Georgia when it will be fully operational in October 2022. Initially, ISW expects the first 20 MW of power to be running by October next month.

The president and chairman of ISW Holdings, Alonzo Pierce said that the nature of the business has changed since it partnered with Bit5ive last year and began designing state-of-the-art mining pods.

“Looking ahead, our hosting service revenues will be stable and substantial, and capable of strong growth. And our mining revenues will fluctuate with prices in the cryptocurrency space,” said Alonzo Pierce.

Bit5ive will manufacture BLOQPODS which will be grouped into BLOQPARKS operated by BlockQuarry. Each pod comprises 280 Bitmain Antminers to produce a hash rate of 28,000 terahashes per second (TH/s).

ISW Holdings already operates 700 miners comprising Bitmain Antminer S17s, S19s, and Canaan Avalons at a Bit5ive managed site in Pennsylvania.

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