Report: The Cryptocurrency Asian Giant, Bitmain Plans to Set Up 200,000 Crypto Mining Machines in China

Hey Ninjas! A lot has been happening in the crypto world and we try our best to dish out breaking news as they unfold. Always watch this space!

News emanating from the Asia Continent is that Bitmain, the Crypto mining is purportedly wanting to set up 200,000 units of mining gear in China to profit from the low hydroelectric power in the nation. CoinDesk made it known on March 21.

Reports from sources in China acquainted with the issue allegedly revealed to CoinDesk that Bitmain will introduce 200,000 units of their own mining machines to exploit shoddy hydroelectric power costs amid summer following the unnecessary rains in southwestern China. The mining gear is assessed at around $80 million to $100 million.

Bitmain has allegedly gone into arrangements and began making exclusive deals with local mining farms to host its gear. As indicated by the source, Bitmain is hoping to deploy its new machines like AntMiner S11 and S15 alongside some more seasoned models like the AntMiner S9i/j.

The news comes in the wake of Bitmain's choice to close its advancement focus in Israel and fire the local workers last December and to decrease its tasks and activities in the Netherlands in January. Gadi Glikberg, leader of the Israeli branch and Bitmain VP of universal deals and showcasing, apparently connected the closure to the ongoing crypto advertise breakdown:

“The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation."

With respect to the closure of its tasks in the Netherlands, Bitmain explained that the move was a piece of its more extended term guide of saving-cost measures. Bitmain apparently endured because of reduced profit of Bitcoin mining lately, with Bitcoin (BTC) right now surrounding $4,000.

Likewise in January, news broke that Bitmain had supposedly suspended its mining tasks in Rockdale, in the United States province of Texas. Steve Young, a Milam County Judge, issued an announcement detailing that all Bitmain representatives, however, two specialists and the chief of human relations had been laid off, and the sum total of what activities had been suspended.

If you are not sure what Cryptocurrency is and you feel like asking a question, don't hesitate to holla at Ninja Discord anytime to talk about cryptocurrency.

Julzin "Sensei" - Altcoin Ninjas - See you soon Ninjas!


Leave a comment

Please note, comments must be approved before they are published