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.