In line with a recent report ‘published‘, leading cryptocurrency mining giant Bitmain is reportedly progressing to set up new 200k units of mining hardware equipments in China to benefit from affordable hydroelectricity available within the country.
A source from China familiar with this matter reportedly told that Bitmain will install 200,000 units of their own mining equipments to take advantage of low-cost electricity power prices throughout the summer following the excessive rains in southwestern China. The mining equipment is priced at around $80 Mln to $100 Mln.
Bitmain has reportedly entered into negotiations and started making deals with native mining farms to host its machinery. In line with the source, the mining giant [Bitmain] is expected to deploy its ‘new‘ machines like AntMiner S11, AntMiner S15 and AntMiner S9i/j.
This news comes within the wake of Bitmain’s ‘call‘ to close its development center in Israel and lay-off its native staff last Dec., and to scale back its operations in the Netherlands, earlier in Jan. Head of the Israeli branch and Bitmain vice president of international sales and marketing, ‘Gadi Glikberg,’ ostensibly joined the closure to the recent cryptocurrency market collapse:
“The cryptocurrency market has underwent a shake-up within the past few months, that has forced Bitmain to look at its various activities around the globe and to refocus its business in accordance with this scenario.”
As for the closure of its operations within Netherlands, Bitmain aforesaid that the move was a part of its longer-term roadmap of cost-saving measures. The mining giant has ‘reportedly‘ suffered serious losses last year, due to the decreased profitability of Bitcoin mining, with the price of Bitcoin [BTC] presently hovering around $4,000 USD.
Earlier in Jan., another news broke out that Bitmain had reportedly ‘suspended‘ its mining operations in Texas.