Cryptocurrency

Chinese Company Wuhan To Transform US Department Facility Into A Crypto Mining Firm

Wuhan General Group, a China-based holding company, has ventured into a project to convert a US Defense Department facility into a crypto mining firm. Wuhan officials have decided to make this alteration as the facility to meet the company’s requirements in terms of power supply and safety.

Sprawling across an area of 55,000 sq. ft., the facility possesses more than 3MW of power ready in order to accommodate 1,300 mining machinery for Zcash and Bitcoin. After the finalization of the negotiation between Wuhan General Group and the US Defense Department data center, the first order will be released in late October. The organization roughly estimated that this new project will generate a monthly revenue of over $3.5 million based on the present cryptocurrency market prices for the initial 1,300 mining machines in total action.

Apart from the performance of crypto mining, the Wuhan-maneuvered facility will continue gluing to strict safety and security standards. This new project will generate new opportunities for innovation within the sector. Due to the low-cost of North American power, high-speed Internet and cool climate, the conditions which are quite for mining processes, the organization put itself in a competitive position to strengthen profitability, as reported by CoinTelegraph.

Wuhan officials had a plan to build this operation three months back, later on, decided to postpone due to the bearish cryptocurrency market. According to Ramy Kamaneh, President and Chief Executive Officer, Wuhan General Group, the wait for gaining a market stability was a right decision while considering many of the cryptocurrency machines which are no longer profitable in the present market, Global News Wire cited.

This tie-up is expected to augment the growth potential and value of its businesses in crypto mining. This is the outcome of making two separate organizations specialized in fast-growing industries. Since the company is having the firm based in the USA and Canada markets, it will serve the shareholders in a much better way.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
coinmag

Having over 11 years of experience in Journalism, Subhro has become fascinated by cryptocurrency over the last couple of years.

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