The Rockdale Municipal Development District (MDD) made the formal announcement Monday afternoon of Bitmain’s plans to transform the former Alcoa smelter into a bitcoin mining operation.
The Reporter broke that major story on July 19.
Work to transform the smelter is well underway. Bitmain is expected to bring about 400 new jobs and a $500-million investment. The initial investment is $465 million to retrofit buildings, machinery and equipment.
In addition to the 400 jobs, Kara Clore, MDD executive director, said the MDD’s Impact Analysis’s projects an additional 156 spinoff jobs and 111 people to relocate to Milam County.
‘GAME CHANGER’—“A deal like Bitmain is a game changer for Milam County,” Richard E. Williams, Jr., president of the Milam County Industrial Development Corporation (MCIDC) said.
He noted the “clean” industry, will diversify the labor supply, significantly increase exposure to technology, increase by half the tax base of Milam County and more than double the tax base of the Rockdale ISD.
The MDD met Monday afternoon and the Bitmain release was the main topic of conversation.
Dr. John M. Weed, MDD president, noted the new jobs will bring salaries and benefits above average for Milam County.
He also pointed out the Bitmain project opens the door to sale of the remainder of the 30,000-plus acres owned by Alcoa at the Rockdale Operations site and now on the market as “Sandow Lakes.”
“It’s going to be much easier, and much more lucrative for whoever buys it,” Dr. Weed says.
In a July 26 follow-up Reporter story, Bernard Uechtritz, land broker, said he believed Bitmain was “just the start” and other businesses, possibly solar energy, agricultural, technology, industrial and water resource management could follow.
“(Bitmain) is by far not the biggest news to come nor will they be our most high-profile tenant,” he said.
LONG-TERM—Williams echoed that assessment noting: “These types of projects typically create a significant amount of high-end construction employment for an initial period, and once built, they become a key component of the company’s overall operating environment and can create a long-term investment for Milam County.”
“These types of projects tend to group together, and it is likely that once a certain geography, site, and attributes of the site attract a big-name user, others will follow,” Williams added.
ABATEMENT—Clore said Milam County commissioners, and the MCIDC have agreed upon a 10-year tax abatement plan for Bitmain.
It includes an 80 percent abatement the first five years, scaling down to 50, 40 and then 10 percent in the 10th year.
“This is an exciting time for Milam County,” County Judge Dave Barkemeyer said.
“A big ‘thank you’ to everyone that helped make this project happen. I would particularly like to thank Tommy Hodges and Alcoa for their consideration of the needs of our community in the manner in which they have marketed the property,” Barkemeyer said.
“The MDD will continue to work towards the additional growth of jobs and investment in the Rockdale area. I appreciate the help and support from the MDD Board of Directors, Alcoa Inc. and county government,” Dr. Weed said.
‘THRILLED’—“A s a company, Bitmain Technologies Ltd. is always committed to creating a positive impact at the local level, that means hiring, partnering and investing locally,” Jeff Stearns, executive vice president and director of operations for Bitmain, North America, said.
“We are thrilled with Rockdale as our newest location and look forward to a long and strong partnership with the state, Milam County, and our new community,” Stearns added.
The company is currently recruiting for multiple positions, ranging from senior management, sales and finance to research associates, engineers, technicians and other roles.
For an updated list of job openings at the new Rockdale facility, visit https://www.bit-main.com/jobs.
“I would particularly like to thank Tommy Hodges and Alcoa for their consideration of the needs of our community in the manner in which they have marketed the property.”
—County Judge Dave Barkemeyer
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