The crypto mining company Bitmain plans to expand to the Aleo blockchain with new mining machines so that users can mine Aleo coins.
The move by the Chinese mining company comes after it was reported to be in financial difficulties, recently delaying staff salaries and being fined over unpaid taxes.
Bitmain Wants to Launch New Antminer
Without disclosing the timeline, Bitmain announced it wants to launch mining equipment for the Aleo blockchain. The official website of Aleo states that it is a zero-knowledge project, offering decentralization, scalability, and privacy.
Read more: What are Zero-Knowledge Proofs? Securing Growth for Web3 Apps
The company has been on an expansion spree recently, betting on the bankrupt crypto mining company Core Scientific. In September, BeInCrypto reported that Bitmain is investing $53.9 million in Core Scientific.
While Bitmain has big expansions, it is reportedly under financial stress. In April, the company faced a $3.5 million fine for unpaid taxes in China.
While the fine amount may not have a major impact on Bitmain’s operations, it was reported that the company suspended a part of the salary of all employees in September. Chinese reported Wu Blockchain wrote:
“Bitmain issued a notice [saying] that since the company’s operating cash flow has not yet turned positive in September, it has decided to suspend the payment of part of the salary of all employees. Some internal employees confirmed the authenticity of the notice.”
Last week, Wu Blockchain said Bitmain fired four employees for “illegal publication of the company’s announcement on salary release.”
Read more: How To Build a Mining Rig: A Step-by-Step Guide
Do you have anything to say about Bitmain mining or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Trusted
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
