3G Venture II Has Invested $ 13 M in a Former Intel Complex to Mine Bitcoin (BTC)
North America is attracting more and more investors in crypto mining. Quebec and New York are among the latest locations where new crypto mining centers will open their doors thanks to cheap electricity. Now it’s time for Colorado Springs.
Colorado Springs becomes the latest location in North America where a huge investment in cryptocurrency mining farm was made. A miner has invested $ 13 million to acquire a former Intel chip manufacturing complex.
The Californian company 3G Venture II is the one that invested tens of millions to become the new owner of the abandoned Intel chip production center based in the Garden of the Gods Road in Colorado. John Chen, the founder of the company, intends to use the complex to mine Bitcoin (BTC). His acquisition consisted of 30 acres and more than 700,000 square feet of several buildings. The new owner will use three buildings (85,000 square meters) for the mining activities, while the others will give for rent.
The broker who took care of selling the abandoned Intel’s complex Michael Palmer said that the investor was attracted especially by the existence of an electricity network. The 30 acres include an internal station and two external power supplies. Even so, the new owner intends to increase the electricity capacity.
Let’s not forget that the location has long attracted important companies on the US market due to the cheap price of electricity, such as Progressive Insurance, FedEx, and Walmart, according to Gazette.
Are not there too many mining centers?
As previously reported by Coindoo, Coinmint announced in early June that it’s going to invest in probably the world’s largest Bitcoin mining farm based in Massena, New York. The total amount of Coinmint’s investment is estimated to reach $ 700 million. Through the new mining center, the company has promised 150 new jobs to local authorities. Even so, there seems to be more ambition regarding the Colorado Springs crypto mining farm, even if they do not expect to launch so many jobs.
Dirk Draper, President and CEO of the Colorado Springs Chamber of Commerce & EDC said it would not encourage attracting new companies to the area. “While it is beneficial for some segments of the community to have the big base power users, and we understand that and are supportive of it, our focus is more on the employment side,” Draper explained.