Bitcoin mining giant Bitmain moves to Switzerland

Bitmain Switzerland, which is currently in the setup phase, will be based in Zug, commonly known as the world’s ‘crypto valley’.. According to information from Zug commercial records, Jihan Wu, managing director and co-founder of Bitmain, is authorized.. The city of Zug, home to the government-backed ‘Crypto Valley’ association, thinks citizens can even pay for municipal services with Bitcoin. is in the middle of the ongoing process. Under the leadership of the country’s central bank, the People’s Bank of China, authorities seek to reduce the massive energy consumption required for Bitcoin mining nationwide by rejecting positive policies such as tax cuts and cheap hydropower tariffs offered to Bitcoin miners in various Chinese provinces.. While this isn’t a massive block, Chinese authorities are forcing miners like Bitmain to seek out places where they can be considered friendlier.

‘One of the most progressive countries’

After establishing subsidiaries in Singapore, Israel and the United States Bitmain then chose Zug, Switzerland, as its next global hub, because Switzerland is “one of the most progressive countries with good legal stability,” according to a spokesperson for the company.

However, Beijing-based Bitmain made the following statement:

“Bitmain Switzerland will play an important role in our growth globally”.

In addition, Bitmain announced that it will employ employees from Zug.