The mining giant Bitcoin (BTC), Bitmain, will increase its capacity by 50% over the next six months, based on a massive material order, said a source close to the contract.
Bitmain increases its capacity by 50%
As reported by the Chinese social media network WeChat on August 23, Bitmain, which has experienced a dramatic turnaround in 2019, will now buy 600,000 chips.
According to one source, these are chips of the very latest variety at 7 nm, whose hash rate is 50 tera per second.
"Based on this calculation, the overall performance of the Bitmain network computer will increase by about 50% after six months," the newspaper said. In addition, the valuation of Bitmain will eventually exceed $ 12 billion.
Mining companies slowly return to the dark
In July, the company and its rival Canaan Creative sold 5,000 Integrated Circuit Mining Rigs (ASICs) to the German operator, the German operator Northern Bitcoin.
As reported Cointelegraph, the increase in Bitcoin's profit margin this year has improved prospects for operators such as Bitmain. Pressures were felt towards the end of 2018 when the company ceased operations and laid off staff in some countries.
The impact of previous Bitcoin bear markets continues. Bitmain recorded losses of $ 625 million for January and February.
Renewed plans for an IPO in the United States could therefore be implemented before the start of 2020.