Skip to main content

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

Join thousands of investors, Bitcoin B2B and Institutional at the World's Largest Bitcoin & Crypto Mining Conference & Expo- Mining Disrupt July 25-27, 2023 in Miami. Get your Tickets now at https://miningdisrupt.com

Chat, Network and Connect with many thousands of Miners and Professionals on the official Mining Disrupt Telegram Group: https://t.me/MiningDisruptOfficial


Comments

Post a Comment

Popular posts from this blog

Eureka Digital Mining Signs Distribution Agreement with Green Hash Co.

By
Eureka Digital Mining Signs Distribution Agreement with Green Hash Co. October 25, 2023, at the Blockchain Life 2023 exhibition in Dubai UAE- Shenzen Green Hash Co Ltd. and Eureka Digital Mining Inc. officially signed a strategic cooperation agreement for the distribution of their industry leading direct chip cooler hydro mining infrastructure to the North American mining market and select global projects / clientele. "We are very excited for his amazing partnership, expanding upon our commitment to the bitcoin mining community to deliver the most efficient and innovative solutions in the immersion and now direct chip cooling space. Green Hash's premier line of hydro products will allow us to continue to deliver smart and highly efficient mining systems to our client base as they prepare for the halving" says Bryan Davies, President of Eureka Digital Mining.  George Duran, President of Green Hash states "Green Hash's strengths are in: research and design, enginee...
Post a Comment
Read more

A Joint Venture Between Atlas Power and Giga Energy Will Use Stranded and Flare Gas for Bitcoin Mining

By
A Joint Venture Between Atlas Power and Giga Energy Will Use Stranded and Flare Gas for Bitcoin Mining A ground-breaking joint venture to use stranded and flared gas for Bitcoin mining operations has been announced by Atlas Power, a leading provider of Bitcoin mining infrastructure led by CEO Kevin Washington and COO Jeff Young, and Giga Energy, a pioneer in cutting-edge gas-to-energy solutions founded by Brent Whitehead and Matt Lohstroh. This alliance hopes to capitalize on the rising demand for eco-friendly and effective Bitcoin mining solutions while addressing environmental issues related to gas flaring. In the joint venture, Atlas Power will supply cutting-edge Bitcoin mining equipment, and Giga Energy will offer its knowledge in capturing and converting flare gas into power. Through their cooperation, the businesses are able to conserve a resource that would otherwise be wasted, lower their greenhouse gas emissions, and profit from the energy-intensive Bitcoin mining process. Th...
Post a Comment
Read more

Revolutionary Bitcoin Mining Product from Zebacus is Released - Zebacus Pool

By
Revolutionary Bitcoin Mining Product from Zebacus is Released - Zebacus Pool The cutting-edge cryptocurrency platform Zebacus has introduced a brand-new Bitcoin mining service called Zebacus Pool. Based on the current price of Bitcoin, this dynamic platform offers traders the chance to purchase terahash with a projected return of less than two years. Zebacus offers $5 worth of bitcoin terahashes as part of its launch promotion, which are displayed on the dashboard after registration. Zebacus wants to provide its users with a global one-stop shop for bitcoin solutions. Zebacus is creating a variety of goods and services to meet the demands of its consumers with the aim of supplying cutting-edge technology to expedite crypto transactions. One of Zebacus' main services is its bitcoin mining platform, which is operational and accessible to those that are interested in cryptocurrencies. The mining platform offers consumers a practical way to take part in Bitcoin mining. Zebacus intends ...
Post a Comment
Read more