Bitmain Stopped Mining in Texas
Bitmain, the largest mining company in the world, suspended cryptocurrency mining in Rockdale, Texas, due to a Bitcoin price collapse.
According to a local radio station, the mining giant has completely suspended all operations in the state of Texas. Bitmain has reduced the entire staff, with the exception of two engineers and the head of the HR Department. Earlier in the Texas branch of Bitmain, 15 people worked, and the company stated it was going to reduce its presence in the region, but was not going to completely shut down operations.
According to the radio station, Bitmain has invested millions in Texas offices. But due to the BTC price plunge, the mining giant had to revise its plans.
Bitmain claims that the team at Rockdale now has the “right size”, and mining will continue according to market conditions.
- In August of this year, Bitmain announced it was going to invest more than $500 million in building a blockchain data center in Texas.