• Singularity Future, a blockchain firm, invests $250 million in Bitcoin mining

  • Singularity Future Technology, a Nasdaq-listed blockchain technology business, announced on Monday that it has formed a joint venture with power services provider Golden Mainland Inc to build bitcoin mining facilities in the United States. The companies will collaborate to build bitcoin mining operations with a combined capacity of one gigatonne.

    Singularity intends to open mining operations in Texas and Ohio.

    According to the press release, the joint venture intends to invest around $250 million in the development of mining sites in Texas, Ohio, and other states.

    Yang “Leo” Jie, CEO of Singularity Future Technology, believes the collaboration will assist address the increased demand for bitcoin mining locations in the United States. Bitcoin miners in the United States have recently built a trend of working with existing energy corporations, as seen with Singularity.

    The two businesses will build a total of 1GW of mining facilities, each with a capacity of up to 300,000 Bitcoin miners and an energy usage of 3,400 watts/hour. Singularity Future Technology will own 51 percent of the joint venture, while Golden Mainland would own 49 percent. In addition, Singularity intends to provide an initial capital contribution of almost $10 million in order to maintain operations.

    Golden Mainland is a Chinese energy company that specializes in the installation of electrical infrastructure. The company manages many grids across Asia and Africa.

    Under the provisions of the joint venture, each business will contribute capital in proportion to its participation in the joint venture. It means that Singularity will put more money into constructing bitcoin mining sites.

    Is Texas the next mining hotspot?

    Singularity’s intentions to mine Bitcoin in Texas follow in the footsteps of a slew of other companies drawn to the state by low-cost electricity and mining-friendly rules.

    Tesla, blockchain firm Blockstream, and Jack Dorsey’s payments firm Block recently formed a collaboration to mine bitcoin in the state. The three will establish a data center that will be powered by Tesla’s solar and battery infrastructure.

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