Chinese bitcoin mining heavyweight Bitmain is foraying into Europe with a new subsidiary established in Switzerland.
Currently under construction, ‘Bitmain Switzerland’ will see its base in Zug, commonly known as the world’s ‘crypto valley’, a report from Swiss newspaper Handelszeitung reveals. Among the subsidiary’s authorized is Bitmain chief executive and co-founder Jihan Wu, according to information from Zug’s commercial register.
A friendlier jurisdiction and a regulatory embrace are seeing an ever-expanding number of startups and companies from the blockchain and cryptocurrency space establish their headquarters in the region. Home to the government-backed ‘Crypto Valley’ association, the city of Zug also allows citizens to pay for municipal services with bitcoin.
Bitmain’s entry into Switzerland comes amid ongoing curbs on bitcoin mining operations in China. Led by the People’s Bank of China, the country’s central bank, authorities are looking to scale down the energy-intensive process of bitcoin mining domestically by negating favorable policies such as tax cuts and cheap hydroelectric
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