Georgia on my mine: Bitmain brings 56K Bitcoin miners to the state

Bitmain, a Chinese mining hardware company, will bring 56,000 of its Antminers to Georgia in the southeastern U.S.

The three-way deal that ISW Holdings in Nevada and Bitmain, a crypto mining datacenter Bit5ive and Bitmain, includes the influx of mining equipment. According to ISW, the total cost of hardware deployment will amount to $62 million. It is expected that it will generate $10 million monthly revenue when it runs at its full capacity.

ISW Holdings already contributed $6 million to the purchase of Bitmains Antminer S19J miner rigs. This will be deployed under BitQuarrys new BlockQuarry brand and Bit5ives infrastructure. Bitmain reported that it suspended new orders for miners in June amid a strong secondhand market.

The new miners, when fully operational in October 2022 will consume 200 megawatts of electricity from a BlockQuarry facility in Georgia called “POD–CITY”. According to the announcement, ISW anticipates that the first 20 MW will be in operation by October 2020.

Alonzo Pierce is the president and chairman at ISW Holdings. He said that the nature and character of the company has changed since Bit5ive partnered last year. ISW Holdings began creating “state-of the-art mining pods” and added:

“Our hosting service revenues will remain stable and substantial in the future, and are capable of strong growth. Our mining revenues will fluctuate according to cryptocurrency prices.

Bit5ive will produce “BLOQPODS”, which will be grouped together into “BLOQPARKS”, operated by BlockQuarry. Each pod is composed of 280 Bitmain Antminers that produce 28,000 Terahashes per Second (TH/s).

ISW Holdings currently operates 700 miners, including Bitmain Antminer S17s and S19s, as well as Canaan Avalons at Bit5ive managed sites in Pennsylvania.

Related:Bitcoins hashrate triples in China recovery syndrome

The Bitcoin hash rate has rebounded to 133 EH/s after a June slump of 68 EH/s due to the massive migration of Chinese miners. Glassnode, an on-chain analytics provider, reported that miners have begun taking profits and adding:

“The hash rate increase is likely to be due to previously obsolete hardware being given a second lease of life and Chinese miners successfully relocating, setting up or re-homing the hardware and operations.”