Litchain Crypto Mining Company Opens in South Carolina

Another cryptocurrency data mining center has joined the digital craze. Known as Litchain Corp., the company was founded by Tony Tate – who is also the CEO – and is slated to create as many as 300 new jobs that pay a minimum of $60,000 per year.

Litchain Corp. Is Ready for Business

The mining center was established in an old warehouse owned by Gaffney Public Works. Based in South Carolina, Litchain is entering an arena that has stirred some heavy controversy in recent years, with some being all for it, and others claiming it’s wreaking havoc on our environment. Gerald Dwyer – professor of economics and BB&T scholar at Clemson University – said in a recent interview:

Cryptocurrency mining operations are an important part of the operation of bitcoin and most other cryptocurrencies. Mining operations use large groups of dedicated computers to try to solve a numerical problem, which is part of verifying new blocks of transactions. These mining operations use relatively knowledgeable employees who are well paid. Having these mining operations here can be a distinct benefit to the employed workers and help to increase South Carolina’s involvement in new advanced technology.

But while men like Dwyer appear to be enthusiastic about the growing prospects of crypto mining, others have sought to bring the industry down in spades. Examples include Elon Musk, the South African entrepreneur behind billion-dollar companies such as Tesla and SpaceX. About a year ago, Musk had announced that those looking to purchase Tesla vehicles with bitcoin may do so, though he quickly rescinded this decision after saying that he was worried about the lack of emissions control on the part of crypto miners, and he didn’t feel they were using their energy well enough.

Not Everyone’s Happy…

But while bitcoin and crypto mining has caused its fair share of arguments, others are just against crypto in a general sense. Joey Von Nessen – research economist at the University of South Carolina’s Darla Moore School of Business – believes that crypto carries too much risk to be taken seriously. He says:

These mining businesses are responding to an opportunity in a market that has come into existence. There is room for a company to be successful in this space. However, cryptocurrency is a new phenomenon in recent years without a long-term track record. Whether it will be long term is impossible to know. South Carolina has lower energy costs and there is greater land availability in the southeast. That may be one reason why we’ve seen several start up in South Carolina. It does rely on consumer perception as a driver of its value. It’s hard to predict its value. Like any type of investment, an individual has to make an informed decision.

Litchain CEO Tate was a luxury real estate investor prior to entering the crypto scene.

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