Bitmain, the world’s leading mining hardware manufacturer, is expanding its operations into the United States. Their latest acquisition is an abandoned power plant that will be turned into a bitcoin mining facility. This new facility will bring an estimated 500 jobs to the small Texas town of Rockdale.
Creating Bitcoin Mining Jobs
The community of Milam County, Texas suffered a major economic setback in early 2018. Its local coal-fired power plant was shut down and many jobs were lost in the process. Remedying such a situation is not something that can be done overnight, however, help is coming in the form of bitcoin mining firm Bitmain.
Cryptocurrency enthusiasts already know the Bitmain name. The Chinese company has made a big name for itself in the world of Bitcoin mining. It also sells various types of dedicated cryptocurrency mining hardware. Expanding their presence within the marketplace has always been a top priority for the company and the small Texas town of Rockdale is part of this bigger expansion plan.
With the region’s power plant now empty, a new business opportunity is created. Bitmain plans to launch a new US-based Bitcoin mining facility in the town of Rockdale in Milam County, Texas. The new facility is a major economic boon to Rockdale. Local sources estimate that as many as 500 people may find employment once the facility is up and running – and in a town with a population of just 5,595 people, that is a benefit that cannot be overlooked. In fact, Bitmain job listings in Rockdale can already be found on job platforms like Indeed.
Bitmain Spreads Bitcoin Awareness
Bitmain’s decision to repurpose the abandoned power plant for their bitcoin mining facility offers two major benefits. The first, as discussed previously, is the influx of new jobs into the area. The technical jobs are well-paid, which can bring more people to Rockdale. Local businesses can benefit from new people making a living in this part of Milam County. Extra taxpayers bring in additional revenue, which will benefit everyone in the region.
The second benefit is that it helps spread Bitcoin awareness. Prior to Bitmain taking up residence in Rockdale, few people had even heard of Bitcoin, much less knew anything about the cryptocurrency and its underlying blockchain technology. That is about to change.
Of course, the risks of Bitcoin mining cannot be overlooked. Cryptocurrency is still a very volatile business. Most hedge funds do not invest in bitcoin mining, as the industry is usually among those worst affected by Bitcoin price swings. On the upside, all skills required for these new jobs can be taught on-site. Anyone is eligible for a job, as long as they are willing to give this ecosystem a chance.
Bitmain is heading down an interesting path in this regard. Local policymakers are still working on regulating Bitcoin and all of its associated aspects. Creating jobs highlights the benefits cryptocurrency can bring to local communities. Bitmain’s decision to expand its operations into the United States is a very telling indicator that, despite its volatile nature, the cryptocurrency industry continues to grow and evolve as a whole.
What do you think about Bitmain setting up shop in Rockdale? Are there other ways that their presence will benefit the town? Let us know in the comments below.
Images courtesy of Shutterstock, Quartz
Check out the original article here.
Author: JP Buntinx