Bitmain is well known for its mining rigs and ASICs. But even they are feeling the crunch in this bear market. At the recent China Mobile Global Partner Conference, Bitmain signed a memorandum of cooperation on the field of artificial intelligence. The gist of this is that it will lead to long-term close cooperation in this sector.
The two sides stated that they will carry out cooperation in the field of artificial intelligence, focusing on digital homes and families, intelligent networks, smart security, smart tourism, intelligent inspection and other scenarios. Through long-term close cooperation between the two parties, we will create a win-win and sustainable partnership.
Artificial Intelligence As the Next Big Thing
Bitmain was co-founded by Jihan Wu and Micree Zhan. Bitmain has made its fortune mainly from designing ASIC chips for bitcoin mining. While they are still the largest producers of ASICs, this announcement signifies a shift in their strategy.
With the recent crash in the price of Bitcoin and the subsequent FUD of Chinese mining farms, Bitmain has felt the need to diversify their business model. China Mobile is a Chinese state-owned telecommunication corporation and is the largest in the world based on market cap. With this collaboration, both sides can leverage each others market share in their respective sectors and forge ahead with greater success.
The focus on artificial intelligence, being the next big thing, is also a smart idea. With companies like Google, Facebook, Tesla etc. all ramping up their AI divisions, one will need to get in the game or risk losing out.