The cryptocurrency market seems to be growing by the day despite the bearish price action and so is the blockchain business. The growth is extraordinary given that some blockchain-focused companies have continued to achieve over $10 billion in annual revenue. One of those companies is Beijing headquartered Bitmain, which has picked Switzerland as its central location for global expansion.
The company, which is the world’s main producer of cryptocurrency mining chips claims that Switzerland has a crypto-friendly political and regulatory climate. Thus it is a perfect springboard for any growing blockchain business, which is seeking to set foot in the European market.
Bitmain remains ahead of the curve as it holds onto its dominant position
Cryptocurrency prices have experienced a sharp downturn recently. Despite this, Bitmain has continued to rise to a position of dominance in each of its projects. The company has continued to make a profit year in year out and it is currently on track for its most profitable year ever. It has actually outdone some of if its competitors the likes of Silicon Valley powerhouse Nvidia in terms of revenue.
Speaking about Bitmain’s potential influence, the company’s business development manager at Bitmain Switzerland, Bernhard Müller said, “The entry of such an established and respected exchange in this sector gives credibility to the whole industry.” Nonetheless, as the company receives a warm welcome from the Swiss authorities, critics continue to speculate what kind of control the industry giant could have on the cryptocurrency sector.
But Bitmain’s expansion has not come without controversy
Every coin, even a crypto coin, has two sides and so is the success of the China-based crypto mining company. Bitmain is alleged to be operating “secret mining pools” thanks to its ASIC hardware. However, Jihan Wu, the company’s CEO has reiterated the reports citing that they have struggled to gain mainstream acceptance.
Meanwhile, the company continues to expand its global reach by developing new mining centers. It has also attracted a number of top investors in Asia the likes of Chinese tech conglomerate Tencent and Japan’s SoftBank. It will soon hit the Israeli market as it continues to diversify into artificial intelligence.
