Bitmain gets green signal for US Bitcoin [BTC] mining operation

The Port of Walla Walla – Walla Walla County, a Washinton state county has allowed Ant Creek, a Bitmain subsidiary to lease 10 acres of land, with an option to purchase it after one year. This approval will allow China’s crypto mining giant, Bitmain, to establish mining facilities in Washington state.

They were given an additional 30-acre purchase option, which was later removed from the agreement. According to the commissioners, the small scale will help Ant Creek LLC build and establish itself. This move was however not appreciated by the audience. Ant Creek LLC is required to pay approximately $4,700 per month as rent, once they agree to the terms put forward.

A Reddit user said:

“This is actually really good news, because they can lobby the US Govt to be pro-crypto.”

Robb Lincoln, a local resident says:

“It extracts electricity and creates wealth for the owner with no trickle down”

Although, the crypto mining companies will face resistance from locals when they move to regions that have sufficient resources and are inexpensive.

Peder Fretheim, a community member criticised cryptocurrency:

“It’s not used in legitimate business. It’s used for two things: transactions you want to hide from the law and speculation.”

Another reason why residents are not open to this change is due to the lack of information and non-disclosure agreements provided by Ant Creek, the Port and Columbia Rural Electric Association. Another resident said that the focus on blockchain technology rather than cryptocurrency mining is a way ‘to soften the idea with more neutral language’.

Another resident says:

“But I suspect that 100 percent of the greatest part will be used for bitcoin. I think it’s misdirection, frankly”

Peder Fretheim told the commissioners that cryptocurrency is “very secure, very expensive way to transfer money from one person to another.”

He said:

“It’s not used in legitimate business. It’s used for two things: transactions you want to hide from the law and speculation.”

The lease value would be $4,701.67 per month with base rent and a 12.84 percent state leasehold tax. If they purchased the land, it would be sold for $15,000 per acre, for a total of $150,000.

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