Chinese Bitcoin Mining Giant Bitmain Is Expanding into the U.S.

Major Chinese digital currency company Bitmain is looking to expand into the U.S. market. The company is looking to open a branch in the Port of Walla Walla, Washington. The news first appeared in local publication The United Gazette.

Although Bitmain has not announced any expansion plans, the article mentions a company called Ant Creek, which was registered in Washington state last year and has Bitmain co-founder Jihan Wu as its sole executive, according to online registration data.

According to the article, the Port of Walla Walla will offer the company a land lease starting in 2019, and the company will purchase 40 acres of land in the future. Regional officials say this could result in $7-10 million in private investment and 15-20 full-time jobs.

Separately, Patrick Reay, executive director of the Port of Walla Walla, said the port has been working with Ant Creek LLC for about six months to develop a blockchain facility. Patrick is not concerned about the power requirements because they are not a power provider.

If approved, the land lease price is set at $4,166, plus a $535 state lease tax.

Bitmain was highly profitable last year. It is estimated that Bitmain’s operating profit last year was between $3 billion and $4 billion, which is comparable to the profit of GPU giant NVIDIA, which made $3 billion last year.

Bitmain’s expansion into the United States is due to the Chinese government’s recent crackdown on digital currencies. Earlier this year, Bitmain established a new subsidiary in Switzerland. The company is looking to go global so that regulation in one country does not have an impact on their operations.