Bitmain’s bitcoin mining expansion has been highlighted by a local Texas news station discussing the amount of jobs it can bring to counties devastated by losses and a declining economy.
Local station KXAN covers the story on how Milam County used to have a bustling economy until the coal-fired power plant closed earlier in the year, leaving thousands jobless. Bitmain, the largest bitcoin mining ASIC machine manufacturer, is looking to set up bitcoin mines in the old Alcoa aluminum manufacturing facilities which is estimated to bring in at least 500 jobs.
KXAN gives a short run down on what bitcoin mining is and describes it as an operation that is independent from governments or banks that uses hardware to solve complex math problems to create a secure network to mine bitcoin. While bitcoin mining seems like a step in the right direction to enter a modern economy, risks are also highlighted as bitcoin mines are highly capital and energy intensive as well as the risk behind the volatility of bitcoin’s price.