Singularity Future Technology, a blockchain technology company, announced on Monday that it has formed a joint venture with Golden Mainland Inc, a power services provider, to build bitcoin mining facilities in the United States. The firms will work together to build bitcoin mining farms with a combined capacity of 1 gigawatt.
The joint venture plans to invest around $250 million in mining locations in Texas, Ohio, and other areas, according to the press release. Singularity Future Technology’s Chief Executive Officer, Yang “Leo” Jie, believes the alliance will help address the increased demand for bitcoin mining locations in the United States. Bitcoin miners in the United States have recently built a trend of working with existing energy corporations, as seen with Singularity.
The two businesses will build a total of 1GW of mining sites, each with a capacity of 300,000 Bitcoin miners and an energy usage of 3,400 watts per hour. Singularity Future Technology will own 51% of the joint venture, with Golden Mainland owning the remaining 49%.In addition, Singularity intends to make an initial capital contribution of nearly $10 million to maintain its activities.
Golden Mainland is a Chinese energy company that specialises in the installation of power infrastructure. The company manages many grids across Asia and Africa.
Under the provisions of the joint venture, each firm will contribute capital in proportion to its share of ownership in the joint venture. It means Singularity will put more money into setting up bitcoin mining operations. Singularity University’s intentions to mine Bitcoin in Texas follow in the footsteps of a slew of other companies that have flocked to the state because of its low-cost electricity and mining-friendly rules.
Read more: Marathon Digital Holdings pledges to have 100 percent carbon neutral bitcoin mining operations
