Major cryptocurrency mining company Bitmain is reportedly preparing to roll out 20,000 of its own mining units in China to capitalize on the country’s cheap hydroelectric power this summer.
The estimated USD 80 million in equipment may actually provide the company higher profits if it chooses to mine cryptocurrency in China rather than sell the equipment on, a source familiar with the matter shared with CoinDesk.
Bitmain is allegedly already in conversation with local mining farms over a deal to host its equipment, which are cited to be in this case the AntMiner S11 and S15, alongside some older models like the AntMiner S9i/j.
The mining company has been fiscally conservative over the last year, closing its Israel center in December and reducing its Netherland operations earlier this year in January. Bitmain said both moves were part of a long-term, cost-saving road map as it struggles against a poorly performing cryptocurrency market.
Gadi Glikberg, head of the Israeli branch and Bitmain vice president of international sales, said at the time of his branch’s closure: “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.”
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
Image Courtesy: Pixabay