Bitmain announces a new expansion plan in South America looking to establish a strong presence with two Bitcoin mining consulting firms. In the meantime, the co-founder Jihan Wu continues to strengthen his hold on the company as per the recent reports in our blockchain news.
In a press release, Bitmain announces that the new partnership with Bit5ive and Fastblock will help the company to fulfill the new expansion plan. The crypto mining consultants and Bitmain will use them as an official distributor of the flagship Antminer Bitcoin mining hardware in South America. Bitmain aims to leverage the extensive contracts that both of the companies have in the region and the mining giant also noted that it choose companies that are experts in logistics and customer service. The executive at the company Irene Gao remarked:
‘’South America continues to be an important region for the cryptocurrency mining sector. Our collaboration with Fastblock and Bit5ive will help us to build on the relationships we have with the mining community on-the-ground and instill trust in the sales process of Antminers.’’
Jihan Wu announced back in November, the new addition to the Antminer 17 series and during the announcement the Bitmain co-founder said that the new miners included a hash rate and power efficiency-enhancing features. In the meantime, Wu continued to solidify the control over the company with the co-founder reportedly holding a meeting with a few Bitmain executives. At the meeting, Wu outlined the most important objectives of the company and the current projects that are under development in the company.
This move is a part of the fights with Wu and the fellow co-founder Micree Zhan. Zhan is now aiming to take legal action against Wu accusing other officials at the company of betrayal. After a difficult 2018 and a bad start of 2019, Bitmain lost most of the mining dominance on the market. The company, however, will file an IPO in the US with its fellow competitor Canaan already completing a similar public sale. After the departure from the operational downsizing in 2018, Bitmain began developing expansion plans with the new 33,000-acre bitcoin mining facility in Texas. The company also aims to increase the hash rate capabilities by about 50 percent.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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