According to an audit by KPMG International, China's Bitmain, which is a leader among manufacturers of ASIC microchips as well as cryptocurrency miners, reported record profits in the first quarter of the current year. China's Bitmain, which is a leader among manufacturers of micro ASICs as well as cryptocurrency diggers, reported record profits in the first quarter of the current year, according to an audit by KPMG International cited by Fortune magazine, among others. Founded in 2013 in Beijing - Bitmain Technologies Ltd. now also has offices in the United States, the Netherlands or Israel. In just over four years since its inception, the company has developed a really solid market position, becoming the undisputed leader of its sector. This can also be confirmed by the data from a recent audit conducted by KPMG International. They show that in the first quarter of this year alone Bitmain made a net profit of 1.1 billion dollars. Bitmain's total value is currently valued at $12-14 billion. Bitmain also boasts some of the largest cryptocurrency mining farms in the world. The pool of computing power (hashrate) generated by Bitmain's mines (BTC.com, AntPool) is currently over 30% of the global hashrate of bitcoin mining. Bitmain's founders Wu Jihan and Micree Zhan do not intend to rest on their laurels, as the company plans further expansion, including into the US market. The newest Bitmain mining farm (as well as blockchain data center) is to be built in a small town Rockdale in Texas on the grounds of a recently closed industrial park of Alcoa Inc. - which included an aluminum smelter and the coal-fired power plant that powers it. The investment is expected to be more than $500 million, invested over the next seven years. Within the next two years Bitmain intends to employ over 400 workers there. In return, the county government guarantees the company tax breaks for the next 10 years. The farm is scheduled to be completed in the fourth quarter of 2018. The data center is expected to be completed in early 2019. Tags antminer ASIC bitcoin Bitmain mine digger cryptocurrencies
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