Bitmain Begins Expansion into South America
Bitmain is looking to establish a significant presence as it partners with two Bitcoin mining consulting firms. Meanwhile, co-founder Jihan Wu continues to consolidate his hold on the company amid an ongoing power struggle.
Bitmain Partners with Bitcoin Mining Consultants in South America
In a press release published on Thursday (December 12, 2019), Bitmain announced its partnership with Bit5ive and Fastblock. Both companies are crypto mining consultants and Bitmain is looking to use them as official distributors of its flagship Antminer Bitcoin mining hardware in South America.
Bitmain says it is hoping to leverage the extensive contacts both companies have in the region. The Bitcoin mining giant also said that it chose both companies because of their expertise in logistics, customer service, and consultancy.
Commenting on the new partnerships and its move to pursue expansion in the South American market, Bitmain executive 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.
In late November, Wu announced the launch of new additions to the Antminer 17 series. During the announcement, the Bitmain co-founder said the new miners included hash rate and power efficiency-enhancing features.
Jihan Wu Regains Control
Meanwhile, Wu continues to solidify his control over the company with the co-founder reportedly holding a private meeting with Bitmain executives. At the meeting, Wu purportedly highlighted all the current business projects ongoing at the firm.
This move is the latest salvo in the tussle between Wu and ousted fellow co-founder Micree Zhan. As previously reported by Bitcoinist, Zhan is looking to take legal actions against Wu, accusing some Bitmain officials of betrayal.
After a difficult 2018 and a lackluster start to 2019, Bitmain has lost a significant portion of its Bitcoin mining dominance. The company is, however, looking to file an IPO in the U.S. with fellow competitor Canaan already completing a similar public sale.
In a departure from its operational downsizing of late 2018, Bitmain has begun to pursue expansion plans, unveiling a 33,000-acre Bitcoin mining facility in Texas. The company is also planning to increase its hash rate capabilities by as much as 50% with purchase orders for 600,00 new crypto mining chips.
What do you think about Bitmain’s planned expansion into the South American Bitcoin mining market? Let us know in the comments below.
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