Bitmain: Crypto Mining Solution Giant expands in Israel

Chinese crypto giant expands

Bitmain, a Chinese giant in the crypto mining solutions industry, has already taken many steps to increase its company value, expand its business to other countries, and raise its already high status in the cryptocurrency world. But it is not resting on its laurels, even though it has already ranked as the biggest crypto company in the world.

Its latest initiative to enlarge its ever-growing footprint in foreign territory takes the form of a decision to expand operations at its Israeli facility by adding a 40-strong team of experts. This will triple the current number of staff at the Ra’anana development facility. Making up the new team will be marketing staff, senior security and software engineers, blockchain researchers and Javascript and Python programmers.

This move continues the Beijing-based company’s ongoing expansion drive which saw the establishment of a stronghold in the US in 2016, the same year it ventured into Israel. Bitmain set up shop in California’s Silicon Valley, long the home of the US giants of the computer and internet industry, primarily with the aim of conducting blockchain research there.

Bitmain Plans Still Further Expansion

And Bitmain’s showing no sign of stopping. The company, already represented in the Netherlands, has indicated it still plans to spread its business further in North America, and continue its expansion into Canada and Switzerland.

The expansion drive is seen as part of the company’s build-up to launching an Initial Public Offering later this year. The company, which recently reached majority shareholder status in the Opera web browser by investing $50million in the web browser, last month received a funding boost of $400million. This lifted it to the top as the largest crypto company in the world. Should the IPO go ahead, it could hike Bitmain’s value from its current $28billion to the even more lofty level of $40billion.

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