Things haven't been going great for the once dominant mining company Bitmain. Jihan Wu is being replaced as CEO and the company has recently had to lay off many of its employees, and now Bitcoinist is reporting that the company has halted forward production of the so called "mega mining" facility it has been building in Rockdale, Texas.
The plan to build a massive data center for mining was announced by the company last year, but it seems the effects of the bear market and some other unfortunate turns are beginning to take their toll on the company. Now the company is at least temporarily ceasing the production of this facility, a move which has disappointed many in the Rockdale community as the project promised to bring in some 500 jobs. Steve Young, the Milam County Judge, is quoted in the article:
"I’m really disappointed because we had advertised this. We had waited for this and had wanted this. We had welcomed this. This was huge. We need some positive news here and some jobs here. We need a tax base here, and this was a step in the right direction."
No official word has come out of Bitmain on the topic, but Young was sent an email from a Bitmain spokesperson which reportedly stated the following:
"The right-sized team at Rockdale now has the expertise to re-start the project at small scale anytime. Bitmain would like to ramp up the site at a slower pace and scale based on market conditions."
It sounds like there is still a good chance the facility will be built, however we may not see much progress until the market turns around. In the meantime, stick with Chepicap for any and all updates!