Chinese chipmaker Bitmain has secured a foothold in one of America’s largest crypto-mining centers with a partnership with Allrise Capital.
Together, they plan to convert a former paper mill in Washington state into a massive cryptocurrency mining operation.
Allrise Capital bought the Ponderay mill in Usk last April for $18.1m and immediately announced plans to convert the 927-acre site into one of the largest crypto mining farms in the United States.
Allrise’s CEO, Ruslan Zinurov, said the partnership with Bitmain would “catapult our growth plan of building one of North America’s largest sustainable digital asset mining platforms.”
Before filing for bankruptcy in 2020, the newsprint mill employed nearly 150 workers, making it one of the biggest employers in Pend Oreille County.
Bitmain has already shipped containers to the site
And Bitmain is not wasting any time in getting to work. Reports claim around 90 shipping containers have arrived in Usk with Bitmain-manufactured chips and mining equipment.
More are arriving daily, former plant manager Todd Behrend said. He added that the company expects to hire nearly 40 employees, far fewer than the 150 employed during the newsprint days.
“This is an American company called Allrise that has partnered with a Chinese company, the biggest name in bitcoin mining, and they are trying to invest in America. This is a great story about bringing Chinese jobs to the United State,” Behrend added.
Initially, the site will operate 143 “modular-data centers” that will require 100 megawatts of electricity which has already been approved by the Bonneville Power Administration.
“The modular-data centers are built in the dimensions of containers, so they are easy to ship,” Behrend said. “It’s got all the components you need. You hook up power and communications to it, and you start mining.”
The company is awaiting approval permits to operate the farm in an area currently designated as a residential zone.
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