- Litchain Corporation, a cryptocurrency data mining center, is entering into the Upstate arena in South Carolina. At the time of writing, the price of Litchain stands at $106.94 USD.
- In 2018, Litchain corporation founded by CEO Tony Tate is anticipated to generate 300 new jobs paying at least $60,000 per year.
- Joey Von Nessen – a research economist at the University of South Carolina’s Darla Moore School of Business, says the main reason behind the entry of start-ups in South Carolina is the lower energy costs and far more land availability in the southeast.
Another cryptocurrency data mining center has stepped into Upstate. Litchain Corporation, founded in 2018 by CEO Tony Tate, is expected to create at least 300 new jobs that generate at least $60,000 per year.
Litchain hosts, sells, and supports the most evolved crypto assets hardware available on the market and creates high-performance, custom-made asset mining solutions that leverage reusable, renewable, and responsible energy resources.
Litchain Entering Into Controversial Arena
Founded in 2018 in an old warehouse owned by Gaffney Public Works, Litchain mining center is stepping into the field that has witnessed some big controversy in recent years, some of which claim a hazardous impact on the environment.
One of the significant processes of Bitcoin operation is Cryptocurrency mining operations. Mining operation includes solving a numerical problem by a large group of nodes or computers as a part of new blocks of transactions. Experienced and knowledgeable employees who get lucrative salaries. Employees have a distinct advantage due to these mining operations and assist in increasing South Carolina’s engagement in the latest leading technology. Gerald Dwyer – professor of economics and BB&T Scholar at Clemson University, said in a recent interview regarding Litchain.
While people like Dwyer are excited about the increasing prospects of crypto mining, others seek to break down the industry. Elon Musk, Founder of Tesla and SpaceX, is one such example. Musk announced after a year that people who wish to buy Tesla using Bitcoin can do so, however, he quickly abolished this decision. The reason behind it he said is that he is concerned about the limited emissions control on the part of crypto miners and he didn’t believe they are leveraging the energy properly.
In general, many are against crypto, however, both Bitcoin and crypto mining have spurred fairly large debates. According to Joey Von Nessen – a research economist at the University of South Carolina’s Darla Moore School of Business, risks associated with crypto are quite high because of which it shouldn’t be taken seriously.
These mining enterprises are a response to opportunities that came into existence. The company has the potential to be successful in this arena. Although, cryptocurrency is a fairly unfamiliar territory without a long-term track record in recent years.
He also added that it is impossible to know whether it’s going to be long-term. There are lower energy costs in South Carolina and far more land availability in the southeast. South Carolina has witnessed the arrival of numerous start-ups and this could be one of the reasons why.
As a driver of its value, it does depend on consumer perception. It gets difficult to predict its value. Similar to any other investment, an individual has to arrive at an informed decision.
Before entering the crypto ecosystem, Litchain CEO Tate was a luxury real estate investor.
At the time of writing, the price of Litecoin is $106.94 USD with a 24-hour trading volume of $741,949,326 USD.