LendInvest Chair plans crypto mining in Texas
by: Dynasty GI2022-01-26
The co-founder and chair of London’s LendInvest will be mining cryptos in Texas as part of a plan supported by a small group of investors.
Australian-born Christian Faes, who already has mining machines at data centres in Pennsylvania and Tennessee, did not disclose the size of the planned operation in Texas. But, in an interview for specialist crypto site The Block, Faes said the plan is to build a mining facility powered by renewable energy.
His investment and angel investing firm, Faes & Co, is running the new venture and Faes said he and co-investors have poured tens of millions of dollars into the new venture, but didn’t disclose the exact amount.
Texas has become a popular location for crypto miners as pressure on them grew in Asia and Europe. Major mining company Argo Blockchain, for instance, is currently developing a new site in the same state estimated to cost some USD 2 billion to build.
‘In Texas, I think the political environment is quite pro-mining’, Faes told The Block, noting that this also means the market there is quite competitive at the moment.
"Judging by the kind of investments made into the infrastructure, interest in bitcoin mining seems to be far from waning and the move to the US may also help make the sector feel and look more open and transparent than whilst it was mostly based in China."
Commented the founder and CEO of Dynasty Global, Eduardo Carvalho.
