Bitmain is set to make a big splash in the mining market as the company plans to set up 200,000 cryptocurrency miners worth $80 Million across China.
The major mining and blockchain company has seen various reports of personnel changes and issues at the top of the company, with founder Jihan Wu supposedly heading to the exit door in the future.
However, perhaps with the lowering of electricity prices which Asia Crypto Toda have extensively reported on and with the price of Bitcoin expected to increase over the months, Bitmain have decided to make the leap and go all in now. Who made the decision perhaps is unknown, but it is clear that Bitmain are still alive and kicking.
Bitmain is expected to make use of their own products – their latest mining machines such as the AntMiner S11 and S15, also some older models such as the AntMiner S9i and S9j may be used for the purpose of large-scale mining operations. Fuel has been added to this speculation as Bitmain’s AntMiner S11, Antminer S15 and AntMiner T15 are all marked as ‘out of stock’ on the company’s website.
With over 600,000 cryptocurrency miners downing tools in the past year due to the bear market, this move from the biggest cypto mining company in the world is without a doubt a marked change in approach. These companies are very aware of when a bull market may arrive, so this news could tell us a lot about the future of Bitcoin.