Nasdaq-listed blockchain technology company Singularity Future Technology said Monday that it has formed a joint venture with electricity service provider Golden Mainland Inc to build bitcoin mining facilities in the United States.
In the joint venture, the two companies will build bitcoin mining farms with a total capacity of 1 GW. According to the press release, the joint venture plans to invest about $250 million to build mines in Texas, Ohio and elsewhere.
The two companies will build a total of 1GW of mining farms that can accommodate up to 300,000 bitcoin miners, each with an energy consumption of 3,400 watts per hour.
Singularity Future Technology will have a major 51% stake in the joint venture, with Golden Mainland 49%. In addition, Singularity plans to invest nearly $10 million to continue operations.