Bitmain Opens Branch in Switzerland

Bitmain Switzerland will play a central role during our global expansion, said a spokesman for the Beijing-based group
11 January 2018   1656

Bitmain Technologies, Chinese bitcoin mining giant, is expanding to Switzerland in a move that will be key to widening its reach, the group told a Swiss newspaper on Wednesday.

Bitmain Switzerland was registered in Zug, Switzerland in late December according to commercial registry filings accessed on Wednesday. Zug, a small canton in the middle of Switzerland, has become known as the Swiss “Crypto Valley” due to the proliferation of cryptocurrency groups setting up shop there.

Bitmain Switzerland will play a central role during our global expansion.

 

Spokesman for the Beijing-based group

Founded in Beijing in 2013, Bitmain is a leading bitcoin miner which also makes chips and computer hardware for mining. The company has offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu, Shanghai and Shenzhen.

Recently, we have reported that China is planning to limit the supply of electricity to the cryptocurrency miners.

Nvidia to Unveil Mining GPUs Sales Profit

In the first quarter of the fiscal year 2019, miners brought to the giant $ 289 million in profit
11 May 2018   194

Nvidia Corporation published data on revenues from the sales of video cards for the production of crypto-currencies for the first time. So, in the first quarter of the fiscal year 2019, miners brought to the giant $ 289 million in profit. At the same time, the company expects that this figure will become much smaller in the second quarter, Bloomberg reports.

For example, during a group call on revenue, Nvidia CEO Huang Jenxun noted that the demand for video cards for mining was higher than expected, but the company believes that in future the number of GPUs bought by miners will decrease by about two-thirds.

Crypto miners bought a lot of our GPUs in the quarter and it drove prices up. I think that a lot of gamers weren’t able to buy into the new GeForce as a result.
 

Jensen Huang

Chief Executive Officer, Nvidia

The mining GPUs sales profit of Nvidia, was higher than that predicted by analysts. For example, Christopher Rolland of Susquehanna predicted that the corporation will earn about $ 200 million on video cards for the production of cryptocurrency.

Earlier, the head of Nvidia, Huang Jensen, said that, despite the pressure from regulators, cryptocurrencies will be popular for many more years. At the same time, according to a study by analyst firm Jon Peddie Research, the cryptocurrency alaquotes helped AMD reduce the market gap from Nvidia and secured 10% of the company's profit in the first quarter of 2018.