Bitcoin

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California-based company Merkle Standard, renowned for its innovations in blockchain technology, has announced the construction of a new cryptocurrency mining center in Southeast Memphis. The facility will be located at 4545 South Mendenhall Road, the site of the former Easy Way produce distribution center, which has been vacant for several years and will now be revitalized. Investments in the project will amount to approximately $75 million, and the center will cover over 50,000 square feet. 
Plans include installing more than 15,000 state-of-the-art mining rigs, allowing the <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">production</a> of up to 7 bitcoins per day. At current rates, this equates to approximately $420,000 in daily revenue. The center is expected to create around 100 new jobs and will consume about 30 MW of <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">electricity</a>, comparable to the energy needs of a small town. Merkle Standard emphasizes its commitment to environmental responsibility by intending to use renewable energy sources, such as solar and wind power, to reduce its carbon footprint. 
Construction is slated for completion by the end of 2024, with operations beginning in the first quarter of 2025. This is the second crypto mining venture in Memphis in recent months, following Elon Musk's xAI project. The new center will increase the total computational power of the Bitcoin network by 0.5%, potentially impacting the global cryptocurrency ecosystem. 
Local authorities welcome Merkle Standard's investment, anticipating economic growth and infrastructure development in the region. Residents also express hope for new employment opportunities and enhancing Memphis's technological profile on the world stage.

Merkle Standard to Open New Crypto Center in Memphis at Former Easy Way Warehouse

Ultramining_Eng

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