Chinese mining giant Bitmain is working with two consulting firms to up its sales in South America

Chinese bitcoin mining manufacturer Bitmain has selected two cryptocurrency mining consulting firms—Fastblock and Bit5ive—as the official distributors of its mining machines, Antminers, in South America.

Bitmain’s market share by hash rate has fallen from 70% in June to 66% in December due to poor strategic decisions, according to a CoinShares report obtained by The Block. Infighting between its two co-founders Wu Jinhan and Micree Zhan, which ended with Zhan getting ousted in October and currently threatening legal actions, also cast doubt on the company’s future.

As a result, Bitmain is seeking new inflows of capital to boost its market share. In August, it purchased 600,000 crypto mining chips, which were expected to bring $1.2 billion in profit. Moreover, the company in October opened a 50-megawatt crypto mining farm in Texas to further scale up its mining operations. Read More...

#Mining #China #SouthAmerica

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