FTX's impact on Sullivan County cryptocurrency mining facility - WTHITV.com

Multimedia Journalist
SULLIVAN, Ind. (WTHI) – A few months ago, AboutBit laid out its interest in Sullivan County. The company announced a bitcoin mining facility would be making its way to Merom, IN.
AboutBit is a cryptocurrency mining company, different from an exchange company like FTX. In a crypto mining company, super-computers fill the entire facility and mine for new bitcoin.
FTX is a crypto exchange company out of the Bahamas that was founded in 2019.
At their peak, the company was estimated to be worth more than $30 billion, but in early November was forced to file for bankruptcy.
Because of this, many people in Sullivan County began to question if the bitcoin mining facility was really needed, or if it was even worth it.
Even though crypto prices have fallen drastically in recent months, the company sees no changes in its plan to bring the facility to Merom. In fact, AboutBit says it’s set to begin phase two of the project in January.
Jackie Monk, Vice President of the Sullivan County council, explained what she things will come of the FTX fallout.
“I don’t think it is going to have any impact on us whatsoever because FTX was an exchange where they could exchange their cryptocurrency,” she said. “AboutBit is not going to do any interaction with the cryptocurrency.”
Multimedia Journalist
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