Bitmain will reportedly bring 56,000 of its Bitcoin mining rigs to Georgia following the Chinese government's decision to shut down cryptocurrency mining operations.
The company's lead product offering is the Antminer series, which use TSMC-made cryptocurrency mining application-specific integrated circuits (ASICs) that can match the hashrate of multiple GPUs, making them popular for large-scale operations. (At least until the crypto-crackdown in China forced it to halt sales earlier this year.)
ISW Holdings, which is mid-transition to the new BlockQuarry brand, announced on Tuesday that it will form one such operation in partnership with Bitmain and Bit5ive. The companies are supposed to host 56,000 mining rigs, set to consume up to 200MW of electricity at a BlockQuarry facility called "POD-CITY" in Georgia.
The plan seems to be for Bit5ive to manufacture "BLOQPODS" that can be grouped into "BLOQ PARKS" operated by BlockQuarry. Each pod is said to feature 280 of Bitmain's Antminer S19J mining rigs to offer a 28,000 terahash per second (TH/s) hashrate while consuming up to 1MW of power via "renewable clean energy."
BlockQuarry's website claims that each pod offers "100% mobility and transportability to any place in the planet"—which could be a selling point for cryptocurrency mining operators who don't want to figure out how to move all their equipment again if other governments follow China in banning the industry.
The company soon to be formerly known as ISW Holdings said it "expects to have the first 20 MW of power paired with rigs and running full-out by October 2021" and "all 56k miners hooked up to all 200 MW of power and running full-out by October 2022." At that point, it expects to make over $10 million per month in service fees.
I don't disagree. I personally find the whole "crypto currency" thing to be vaporware. It offers nothing for all the energy which is consumed to mine it. As you have said, it has no tangible value and is strictly intrinsic in nature, whereas our US dollar does have actual monetary value despite not having a physical backing as it did when we were on the gold standard.
The thing that worries me about it all is that our nation continues to teeter on the brink of collapse due to having to borrow more and more to pay off debt which will never, ever be paid off in full. The debt ceiling has to be raised once again or we'll default on our financial obligations and that would lead to a financial cataclysm of untold proportions. Crypto is but a small part in that chain.