Cryptocurrency. It's rapidly becoming the new buzzword of both commentators of the economy and of technology, and a Chinese company just made a significant leap forward in the arena with the help of none other than the US Defense Department. Wuhan General Group is a Chinese holding company based in Nevada, and they have just entered negotiations with the Defense Department to buy a facility, according to a press release that was just released on September 11, 2018. The facility was prior a Defense Department data center.
However, Wuhan General Group plans to turn the 55,000 square foot facility into a Cryptocurrency mining facility. The facility boasts a power output of 3MW, which will be sufficient to power 1300 machines for bitcoin and other cryptocurrencies. Then, after a planned upgrade to a 30MW facility in 2019, they will be able to add an additional 12,000 more machines. The safety and security expected of the Defense Department facility will continue to provide a secure location for the position and use of machines dedicated to economic transactions. The location also provides a cool environment for the machines, a low cost for the power that will be required, and fast internet connections for the transfers. Initially, the company had planned to make this purchase 3 months ago, when the market was trending bearish. However, when the stars aligned for a stable market purchase and implementation, they made the move. They believe that the market opportunity is present and that making this investment at this time was the best thing they could do for their investors. As more and more turn to the flexibility, stability, and growth of the cryptocurrency market, it will be those that staked the land in that territory that will stand to gain the most. With this purchase, Wuhan has definitely made their mark.