Bitmain Will Bring 56,000 Bitcoin Miners to Georgia State

Bitmain Will Ship 56,000 Antminers to Georgia

In an effort to boost its joint mining capacity in North America, one of the world’s largest producers of crypto mining rigs, Bitmain has formed a partnership deal with ISW Holdings and Bit5ive.

Under the agreement, ISW Holdings, a Nevada-based portfolio company will host 56,000 Bitmain’s latest Antiminers and combine them with over 200 megawatts of power at the company’s “POD-CITY” in Georgia.

ISW is planning to run the first 20 megawatts of capacity by next month. The full 200 megawatts of mining power along with the 56,000 miners is expected for a full rollout by October 2022.

The cost of the entire rollout totals to a whopping $69 million with so far $6 million already being paid. Under the full deployment, it’s expected to bring a total revenue of over $10 million per month, according to the press release.

Bitmain's newest generation of the AntMiner S19 series has an average hashing power of 100 terahashes per second (TH/s). Once in full capacity, the entire fleet will have about 5.6 exahashes per second (EH/s) of hash rate.

ISW Holdings already operates over 700 miners comprising Bitmain Antminer S17s, S19s, and Canaan Avalons at a mining site managed by Bit5ive in Pennsylvania.

Bitcoin Mining Hashrate Recovers

Bitmain’s partnership deal was initially revealed in July with ISW Holdings bringing funding, access to electricity, and public markets while Bit5ive bringing the electricity power.

The new partnership comes at a time with the global Bitcoin hashrate on a continual uptrend as Chinese miners resettle in crypto-friendly jurisdictions and resume investing big money in mining equipment. According to data from Blockchain.com, the total hashrate reading on Wednesday was at 134.85 million terahashes per second, an increase from 84.79 million on July 3, the lowest level since September 2019.