The Deep South of the U.S. is known for everything from relaxed living to BMW manufacturing.
Now, some crypto players are making moves to make it known for crypto mining, too..
A trio of crypto players launched Treis Mining in December, and they have plans to invest millions of dollars to open a data mining center in the tranquil city of Greenville. So high are their hopes that their data mining center will thrive that they have pledged to invest $10 million in it.
Once it’s done, the trio thinks it will be the largest crypto mining farm in the state.
The team consists of David Pence, co-founder and managing director; Michael Bolick, also co-founder and managing director of Treis; and Senter Smith, a trader and former director of United Catalyst Corp.
Turning an idea into a business
Drawn to the nuances of the space, Pence set out to learn about mining.
To the Upstate Business Journal, Pence said:
“The process of confirming financial transactions over the internet is going to change the way countless industries operate over the next 10 years or so. We’re here as a company to facilitate that transition.”
He reportedly spent thousands of hours researching the crypto space, and eventually started mining Ethereum from his home. He quickly saw that he needed more space. He leased a 1,500 square-foot building, which still wasn’t big enough.
That’s when team members Bolick and Smith were brought into the fold.
This is also when the team decided to build their operations out of a 25,000 square-foot warehouse in Greenville.
Plans in motion
Treis reportedly has already installed roughly 300 ASIC rigs that can mine Bitcoin and Litecoin.
Plans are to build on that over the next three years, and the amount spent in capex could be about $2 million, initially.
If all goes well, Treis will open five to six more data centers throughout South Carolina over the next decade, according to Pence.
Treis will be relying on Duke Power, which is one of the largest energy providers in the U.S.
Bolick said:
“The skill and experience set combination of our three partners enables Treis to be highly effective. Duke Power’s stable and affordable power is also a clear differentiator globally.”
This article appeared first on Cryptovest
