Cryptocurrency

Chinese firm to alter US Defense Department Facility into Crypto Mine

US Defense Department

The Nevada based Chinese cryptocurrency focused investment company publicizes its plans to transform a U.S. Defense Department facility into mining with the renowned cryptocurrencies due to the sufficient facility in place accommodating necessary requirements like power supply and safety. Wuhan General Group (China) Inc. analyzes it as an opportunity to introduce a new industry standard with stable safety and security measures that help mine cryptocurrencies.

According to Ramy Kamaneh, CEO of the company affirms and commented, “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.”

With the more than 3MW facility in place, the erstwhile Defense Department Data Center expected to reorganize the concept at the proper time supporting company’s crypto mining division to mine the cryptocurrencies in a flexible and scalable manner.

Based on the successful completion of the negotiations, the first load of mining rigs expected to land at the facility in October this year followed by numerous mining rigs thereafter. The Nevada based technology firm transforms into a blockchain oriented entity saying it plans to install a 3MW power plant in the facility to accommodate almost 1300 mining machines to mine all major cryptocurrencies like Bitcoin, Zcash among others. Amid this, the company focuses to expand its operation to 12,000 crypto mining machines by enhancing its power capacity to 30 MW.

Needless to say that the cryptocurrencies have accelerated their pace such that companies worldwide have been early adopters to utilize their numerous benefits!!

About the author

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Shalin Soni

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a. Besides this Shalin has strong expertise in deal origination and execution on venture capital and private equity space. Prior to joining us, Shalin worked for more 9 years with a variety of industry ranging from consulting to information technology among other sectors. Shalin holds Post Graduate Diploma in Financial Analysis & Modeling (PDGFAM) from IMS Proschool.

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