Wattum, a crypto mining firm, announced on Wednesday that it acquired a colocation property in Niagara Falls, New York, to expand its operations. According to the press release, the new location will be arranged by allocating 5 megawatts by the end of 2021, and the company aims to grow its facilities to power almost 50MW per month.
“We are incredibly pleased to be expanding our mining operations once again, with the additional offering of our new Bitcoin mining containers, and are even more excited that we get to expand our service offerings to a wider range of clients and partners. Wattum’s move into Niagara Falls is indicative of our team’s hard work, but also of the strong relationships we continue to build with innovators throughout our industry,” Arseniy Grusha, CEO of Wattum, commented.
Moreover, the company said that it had expanded the sales team and started sourcing its own brand of Wattum Containers and Wattum Transformers to meet the ongoing demand. Currently, its transformers are manufactured by General Electric, which are already deployed across North America.
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US Leading the Crypto Mining Sphere
As Finance Magnates reported recently, a study from the UK Cambridge Centre for Alternative Finance revealed that the United States is now a heavyweight country in the Bitcoin (BTC) mining industry, surpassing China. The figures are not surprising, considering the recent Chinese government’s crackdown on the crypto sector.
China’s current hash rate plummeted to zero levels by July from 44% in May, and was previously 75% in 2019, said the Cambridge Centre for Alternative Finance. That said, the study confirms how the miners are shifting their eyes towards North America, as the US accounts for 35.4% of the global hash rate as of the end of August, which was followed by Kazakhstan and Russia. Chinese miners are moving their operations to Central Asian countries due to its crypto mining-friendly environment in terms of regulatory frameworks.