Power Block Coin, LLC to Build $251 Million Mining Farm

Utah-based company proposed to invest money to build a cryptocurrency mining farm in Montana  
23 February 2018   1121

Power Block Coin, LLC wants to invest $251 million into a cryptocurrency mining farm in Montana Connections. The company chose a special tax district west of the city of Butte.

Butte-Silver Bow Council of Commissioners voted unanimously 9-0 to allow Power Block Coin, LLC, a subsidiary of Blue Castle Holdings Inc. to build a campus of high-powered data centres in special tax district Montana Connections.

The company plans to harness 135-megawatts of power on its campus.

The farm will be built in two phases over 24 months. $8 -$10 million will be spent on this new electric infrastructure. Around $60 million will be spent on between 70 to 200 separate mining units, each of which would use large amounts of power transmitted through the new substation. The size of these units will vary from larger warehouse buildings to small shipping containers.

Besides mining cryptocurrencies, the company will also be able to support other businesses that need large amounts of power, such medical research, and artificial intelligence.

Bitcoin is the fastest growing segment of cryptocurrency. If it tanks, the same processors can be used for medical research or AI (artificial intelligence).

Aaron Tilton

President and CEO of Blue Castle Holdings

According to Tilton, the company will hire about 15 employees before the end of the year. That number will jump up to about 50 by the time the project is up and running. Salaries are estimated to range from $37,000 per year to $48,000 per year.

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   412

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