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Jihan Wu, the founder of Bitmain, is establishing a $250 million fund to purchase distressed bitcoin mining equipment

By Anonymous

Jihan Wu, the founder of Bitmain, is establishing a $250 million fund to purchase distressed bitcoin mining equipment




Bloomberg reported on Tuesday that cryptocurrency entrepreneur Jihan Wu, the creator of the Bitmain bitcoin mining rig, is establishing a $250 million fund to buy distressed assets from mining companies. 
Wu launched Bitmain in 2013, however he stepped down as its CEO to take over Bitdeer Technologies.

According to a Bitdeer official, the company would invest $50 million initially and hopes to raise an additional $200 million from outside investors. According to Bitdeer CEO Matt Kong, "We can purchase the less expensive machines and operate them in our current facilities with reliable and affordable power purchase agreements."

Many people working in the mining business are finding it difficult to stay afloat as a result of the decline in the price of bitcoin (BTC) and rising energy prices. Data center firm Compute North declared bankruptcy last week after realizing that its long-term debts of $128.3 million vastly outweighed its assets. 

The request for comment from CoinDesk was not answered by Bitdeer.

Article Credit: Coin Desk

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