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Leary pointed out that each computer used to "mine" generates watts — the same as one hairdryer. With hundreds of thousands of these hot machines operating at once, upstate New York's climate is ideal for reducing air-conditioning costs.


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Cryptocurrency "mining" is essentially math done by high-powered computers. In order to trade bitcoin, transactions need to be verified through complex math equations, then and added to what's known as a "distributed ledger.

Why Bitmain Is Building the World’s Largest Bitcoin Mine in Rural Texas

Operations are already underway at the former Alcoa East Facility complex, and are projected to be at full capacity within a year. The Megawatt mining center is expected to be the world's largest digital currency data processor, based on capacity, Coinmint said. Most of Coinmint's competitors are overseas.

Coinmint is looking to hire around-the-clock staff, and plans to tap the local community to hire staff from security personnel to electricians, to highly- trained IT staff. We are ready to provide any assistance we can to move this project to its full potential. Skip Navigation.

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Markets Pre-Markets U. Key Points. Bitmain Technologies, based in Beijing, is known to many as the creator of the Antminer cryptocurrency mining computer.

Alcoa Cuts Aluminum Demand Forecast, Announces Portfolio Review

The equipment is used to mine bitcoin and other digital currencies, which are unlocked through complex mathematical computations. Bitcoin was originally created as a new currency that could be used anonymously and independent of any government. However, its acceptance as a currency replacement hasn't been widespread.

Bitcoin is accepted by Microsoft for its app store, travel website Expedia and some Subway restaurants. But only a tiny fraction of businesses accept any kind of cryptocurrency. Due to its anonymity, Bitcoin has also become infamous for its use in purchasing drugs, child pornography and other illegal goods on online marketplaces. The increased value of bitcoin — now seen as a commodity to invest in rather than currency — has sparked the creation of large operations like the one planned for Rockdale. As more people mine bitcoin, it takes more processing power and electricity to unlock them.

Although Bitmain Technology is known for its bitcoin work, the company leadership is also interested in the growing field of artificial intelligence, or AI. Both efforts require large amounts of computing horsepower.

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Bitmain Technology's Milam County location would be at least the second bitcoin mining operation to set up shop at a former aluminum plant. Coinmint started operating a major "digital currency data center" in New York in a former Alcoa aluminum smelter in May. Like bitcoin mining, aluminum smelters require large amounts of electricity and the infrastructure to handle that power usage. In New York, the electricity came partly from hydroelectric power generated by the St.

Lawrence River. Outside Rockdale, the Alcoa plant used electricity generated from the adjacent power plant and the nearby lignite coal mine that supplied the fuel. That Texas power plant is now closed, but the Alcoa site has heavy duty electrical infrastructure needed for a large bitcoin mining operation. There is also a former Alcoa aluminum plant site in Wenatchee, Wash.

The World’s Largest Bitcoin Mining in Texas

That part of Washington is already a hub of cryptocurrency mining thanks to plentiful hydroelectric power. That electricity use does concern some observers. Combined, bitcoin mining consumes about the same amount of electricity as Chile, according to the website Digiconomist. Jeff Mosier. Become a business insider. Get the latest headlines delivered to your inbox every weekday.

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