Over the past several years, cryptocurrencies like bitcoin have surged in popularity and become a worldwide phenomenon, with millions of people buying and selling them.
Now Greenville-based startup Treis Mining is looking to capitalize off the growing market and invest about $10 million in a cryptocurrency data center.
Located in a 25,000-square-foot warehouse off Pelham Road, the center will house South Carolina’s largest cryptocurrency mining farm once renovations are complete, according to David Pence, managing director and co-founder of Treis. The company plans to invest $2 million in capital improvements over the next two to three years.
“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,” Pence said. “We’re here as a company to facilitate that transition.”
Unlike fiat currency, or printed money, bitcoin and other cryptocurrencies are not tied to any bank or government. The system is instead maintained by a decentralized network of specialized computers around the world that confirm all cryptocurrency transactions and add them to a public ledger, which is also known as “the blockchain.”
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