Wuhan General Group (China) Inc has announced plans to open a Cryptocurrency mining facility in an old US DoD building. The idea was conceived some time back but was halted when the prices of most virtual currencies began to fall. However, the company feels it is the right time to launch the project. The facility will start running as early as next month according to company sources.

An Old DOD Building To Become A Crypto Mining Facility

A Crypto mining company has identified an old US Department of Defense building as the preferred site for establishing a mining center. Wuhan General Group (China) Inc will go ahead with its plan to open a Cryptocurrency mining facility. The company is optimistic that it will recover its costs within no time.

Over 1,000 Cryptocurrency mining machines will be installed in the former DoD data center. The Nevada-based Crypto mining company has already approached the owners of the building to be allowed to set up the facility. Once the two parties come to an agreement, the Wuhan group will immediately move its machines to the building.

Bitcoin And Zcash Among The Cryptocurrencies To Be Mined

The Wuhan group has revealed that once operation begins, it may consider increasing the number of mining machines to around 12,000. This will increase its mining capacity and a boost in its income. Moreover, the company will realize its full capacity. The company has said the facility will mine Cryptocurrencies such as Zcash and Bitcoin among others.

The decision by the company to move to a former DoD building is understandable as such areas have good power connectivity crucial to Crypto mining activities. Consequently, the Nevada-based firm will not incur extra costs while installing the required facilities. The whereabouts of the new center have not yet been disclosed due to the nature of the building. Neither the company nor the owners of the facility have shared its pictures either.

The Mining Facility To Ready By Next Month

The Wuhan group has said that Cryptocurrency mining will begin as early as next month if all goes as planned. Recently, Data Center Dynamic reported that the firm would have moved there over three months ago but was forced to pause due to the volatility of the prices of most virtual assets at the time. However, the prevailing conditions are good for the project to begin.

The company’s CEO Ramy Kamaneh recently admitted that the market conditions a few months ago could not allow the company to move on with the plans. However, the company reassessed their strategy a few months ago and they feel they are ready to push on with the ambitious plan. According to the company, the virtual currency market is at its lowest level hence there is room for improvement moving forward.

Mohamem El-Erian, Allianz’s chief economic advisor recently said that the Cryptocurrency market is going to recover as more groups, both in the public and private sector are adopting the technology. He added the rate of adoption is not as fast as many would want but is there and will help in bringing more stability to the market.