Work starts on ‘world’s largest Bitcoin mining facility’

ROCKDALE, Texas (KWTX) Work is underway on the first phase of a 100-acre cryptocurrency data mining facility that Metairie, La.-based Whinstone US, Inc., is building in Rockdale, the Rockdale Municipal District confirmed Friday.

A formal groundbreaking is scheduled next Thursday.

“Building the world’s largest Bitcoin mining facility in Texas is a big step for our fast-growing company and a great success for the blockchain industry in the United States,” said Whinstone US chief operating officer and co-founder Lyle Theriot.

“The conditions are excellent, and our customers’ demand is overwhelming. We see our new facility as a game-changer in the industry and are excited to expand on US soil.”

The 5-year-old company runs similar facilities in the Netherlands, Sweden and Louisiana.

Bitcoin mining, in simple terms, involves processing transactions using special software in the Bitcoin digital currency system that result in the addition of a “block” to a digital ledger of past transactions called a blockchain, a sort of value-exchange protocol, which is decentralized and used across so many computers that records can’t be altered.

Solving a single block is worth 12.5 bitcoins and on Friday the value of one bitcoin was about $9,200.

Mining bitcoins takes a lot of computing power and requires a lot of electricity, however.

One analysis found that in the U.S., the cost of mining a single bitcoin, which varies from state to state, runs from more than $3,000 to $6,000 across the country.

The first phase of the Milam County project consists of 180,000-square-feet of computers…

Source Link