Chinese BTC Mining Firm Bitmain Mulls Building First US Facility

Key Points

1. Bitmain intends to recruit about 250 local employees for manufacturing and site-level maintenance units in the US.

2. The company plans to set up a new headquarters in either Texas or Florida, citing US crypto policies and a 'Made in USA' strategy.

3. US labor costs are higher, but Bitmain sees commercial sense in the move due to disruptions in Chinese supply chains and heightened scrutiny by US Customs.

4. Bitmain would join top US publicly-listed miners like Mara Holdings, Riot Platforms, and CleanSpark if the facility is established.

5. The US's share of Bitcoin mining hashrate surged from 4% in 2019 to 38%, with Chinese miners pivoting to the US amid regulatory and security concerns.