Bitmain, a prominent manufacturer of Application Specific Integrated Circuit [ASIC] recently revealed the launch of its 50MW mining farm. The latest farm is located in Rockdale, Texas with the Rockdale Municipal Development District [MDD] and DMG. This comes as part of the firm’s step towards global expansion. The Rockdale Lead Project Manager for Bitmain, Clinton Brown suggested that,
“Stable and efficient energy resources in Texas are fundamental to the inevitable scale of growth for the cryptocurrency mining industry”.
Bitmain took to Twitter through its account for Antminer and shared,
“Bitmain completes construction of 50MW mining facility in #Rockdale #Texas. The project is set to create jobs in the area and plans to work with the local district to provide education and training on blockchain technology and data center operations.”
The establishment of the latest platform reveals that the mining equipment manufacturing giant is on its way to constructing the largest BTC mining facility in the world. As per the company’s blog post, it detailed that is would continue to build the 50MW farm while revealing that it has the capability of expanding to more than 300MW.
Additionally, the latest development would be considered a significant milestone to the mining industry further making Bitmain the largest in the world.
The blog also detailed,
“Both parties will work with the local workforce commission, the Rockdale MDD, on the project development and to grow its on-ground team at the Rockdale mining facility. The will look to local suppliers in the town as preferred vendors to support the ongoing construction of the data centre.”
Furthermore, Bitmain has acquired energy from the Electric Reliability Council of Texas [ERCOT], which runs the electric grid in Rockdale, Texas.
Bitcoin can reach $25K if usage crosses 1M people: Thomas Lee
Managing Partner and Head of Research at Fundstrat Global Advisors, Tom Lee, recently made an appearance on CNBC‘s ‘Street Signs Asia‘ segment to talk about Bitcoin price movements in the future. Lee also spoke about why he thinks Bitcoin will touch $25K by 2022.
According to Lee, for an industry that’s over a decade old, these are still early days for digital assets. However, as time passes, it will become very institutional, he said. Fundstrat’s Lee added,
“Over time, it’s going to become an asset class, and once we hit that it’s actually another hockey stick.”
When asked about his prediction for the king coin’s price, Lee said that it had been established back in 2017 as a five-year prediction. According to him, the predicted goal would be easy to achieve due to cryptocurrencies being network value assets — the more people that hold it, the greater its value.
“In fact, it’s a log function, so if you double the users you get a quadrupling of value, and to go to $25,000 you essentially need a 4x rise (a little bit less than that) which means you need to double the number of people who hold Bitcoin.”
According to Lee’s estimates, there are under half a million people in the world who own and use Bitcoin widely today. He also compared Bitcoin to Internet stocks such as FAANG and attributed 70% of their returns since the IPOs to the growth of the Internet over that period of time.
“So in other words, it was a log function of the Internet growth, and that’s how cryptocurrencies are going to work. That’s just saying if you take it to a million users, you could get to $25,000.”