A Chinese cryptocurrency-focused investment company based in Nevada has made known its plans to repurpose a US Defense Department facility on mining all the major cryptocurrencies, as the facility meets all the company's requirements in terms of power supply and safety.
Wuhan General Group (China) Inc., sees this as an opportunity to set a new industry standard in safety stability and security measures when mining cryptocurrencies, and Ramy Kamaneh, the company's CEO seems confident:
We had planned to build this operation three months ago, but with the bearish cryptocurrency market, we took a step back to reassess our strategy. The decision to wait for market stability was a good one, especially considering many cryptocurrency machines are no longer profitable in the current market. We acted in the best interests of the Company and its shareholders and firmly believe that the market has bottomed and a bullish market is starting again."said Ramy Kamaneh.
The more than 3MW facility - formerly the Defense Department Data Center - will according to the company relaunch at the right time to bolster the company's crypto-mining division in getting the most flexibility and scalability in mining the cryptocurrencies.
Upon completion of the negotiations, the first load of mining rigs are set to touch down at the facility in late October, followed by more in the months after. With the facility's power supply able to support a total 1300 mining rigs, and an upgrade to 3MW during 2019 (this will support 12000 more rigs), the company estimates $3,5 million in monthly revenue on the first 1300 rigs.
The Nevada-based Wuhan General Group (China) believes that this venture will grow in value and open gaps for innovations in the sector to flow through and started that it plans to follow strict standards in the areas of safety and security.