For the longest time, China was leading the world in terms of mining technology. That is, until the government’s crackdown on cryptocurrencies. In the US, Wyoming is leading the country in terms of crypto mining. Now, a startup based on the West Coast is bringing in skilled crypto miners to the state.
The firm, called Elite Mining Inc., made an announcement earlier in October regarding the acquisition of two facilities. The manufacturing facilities are based in Cheyenne and will start operations in the building that was previously home to Habitat for Humanity.
Based in Washington, the company is transferring its various domains to the Cowboy State in the next couple of months. They will be shifting production, development, research, sales, marketing, as well as executive offices.
Elite Mining Inc. will develop 28-foot mobile ‘units’ that store their powerful one-megawatt immersion mining pods. They will also provide investment and hosting features for crypto investors and speculators.
According to Justin Podhola, the CEO of Elite Mining Inc., the state’s crypto-friendly laws appealed to the firm. In fact, 24 of the state’s regulations offer a complete legal framework for digital asset companies. These include startups that offer crypto banking services, such as Kraken and Avanti Financial.
Not to mention, Wyoming members of the US Senate, such as Cynthia Lummis, as well as Wyoming Governor, Mark Gordon, are pro-crypto. They continue to back Bitcoin and blockchain-based industries. This is a means of providing digital asset firms a new frontier to work on.
Elite Mining Inc. is very different from other blockchain-based companies. Unlike others who have set up a virtual means to benefit from limited regulation and low taxes, the firm is keeping a physical presence in Wyoming. Elite Mining Inc. is also in the hopes that they’ll hire almost 40 new positions, many of which have already been taken.
The CEO admitted that he was quite surprised upon learning that Wyoming was taking the lead in crypto mining. Nevertheless, he quickly realized that he needed to set up base in the state if he wanted to benefit from their crypto rules and regulations.
However, the new challenge is to explain what his company does. In his opinion, data mining and cryptocurrency are among the least understood concepts in modern technology. After all, they are entirely new ways of comprehending currency and how it’s used. He wants the public to start understanding that currency as we know it is already very much digital. The only difference is that it’s printed.
In addition, using crypto will be very similar to using a credit card and going cashless. Most importantly, the lack of centralization and regulation makes it borderless. Hence, users can say goodbye to hefty transaction fees and waiting times.