Cheap Hydropower in Oregon Attracts Miners

During few months, a few bitcoin miners have been heading to regions in North America
23 February 2018   1125

According to the local press, miners are starting operations in the area because of concentrations of cheap electricity.

In the state, there are roughly 12 more mining operations. For instance, in a small town called Dalles located the biggest mining operation in the state called Oregonmines, which is operated by Terrence Thurber. It is an industrial-sized operation with over 2,750 mining rigs in a warehouse with no windows. Robert McCullough of Portland General Electric (PGE) stated that more companies are on the way. He is not impressed by the mining movement in Oregon. In his opinion, Oregon may become the center of crypto-mining in the world.

We may find our burgeoning surplus of energy will make us quite a capital for useless servers solving useless puzzles. It’s not as if we have a huge amount of employment attached. It’s not as if you’re going to have a big staff and a lot of smart people working on it.

Robert McCullough

Portland General Electric consultant 

One of the biggest reasons miners are attracted to Oregon is because of the Columbia River hydropower system. The hydro-powered electricity costs 3 to 4 cents per kilowatt-hour. It is almost the lowest price in the U.S.

According to the Oregonmines founder, the location is also helpful because the facility is close to a major metro, and weather patterns are favorable.

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   425

The largest mining company Bitmain has submitted to the Hong Kong Stock Exchange (HKEX) listing application for an initial public offering (IPO), according to CoinDesk.

The application is a draft option, and some of its details, in particular the number of shares offered for sale and the immediate date of the IPO, are still in the process of editing.

Nevertheless, the document indicates that last year Bitmain's revenue was $ 2,517,719,000. This figure is higher than in 2016 ($ 277,612,000). As of June 30, 2018, the company's revenue was $ 2,845,467,000.

The application said that in 2017 the gross profit of the company was $ 1 212.7 million, which is also higher than in 2016 ($ 151,351,000).

Earlier, the head of Bitmain, Jihan Wu, expressed his indignation over the actions of the company's chief financial officer, who disclosed the figures for the first quarter 60 days after his end, and not after 90, as he had expected.

The media suggested that in the run-up to the IPO the publication of such information could have a negative effect on the company's investment attractiveness.

In addition, the document confirmed the media's information that Bitmain owns a 3% stake in Opera's Internet browser thanks to an investment of $ 50 million.

The application also indicates that the underwriters of the IPO are China International Capital Corporation Hong Kong Securities Limited, Commerce and Finance Law Offices, Maples and Calder LLP, KPMG and Frost & Sulliva