Bitmain to Launch Mining Machines for Aleo Blockchain
The largest manufacturer of bitcoin mining rigs, Bitmain, has announced its plans to release mining machines specifically designed for Aleo, a proof-of-work blockchain that prioritizes privacy through the use of zero-knowledge proofs.
In a post on WeChat, Bitmain revealed its intention to roll out an ‘Antminer’ model for Aleo, which is currently in the testnet phase. The launch timeline was not disclosed in the statement.
Aleo’s Successful Funding Round and Bitmain’s Recent Developments
Aleo raised $200 million in a series B funding round last year, with SoftBank Vision Fund 2 and Kora Management leading the investment. Other participants included Tiger Global, Andreessen Horowitz (a16z), Samsung Next, Slow Ventures, and Sea Capital.
Although Bitmain faced cash flow issues and delayed staff payments in September, the company has since repaid the wages. On a positive note, Bitmain launched its latest Antminer S21 model and received interest from miners, such as CleanSpark, who purchased 4.4 exahashes per second of the S21 mining rigs.
Bitmain’s Investment in Core Scientific
Furthermore, Bitmain has announced its plan to invest $54 million in Core Scientific, a bankrupt bitcoin mining firm. As a leading designer and manufacturer of application-specific integrated circuit (ASIC) chips for bitcoin mining, Bitmain also operates Antpool, the largest mining pool globally.
Hot Take: Bitmain Expands Its Reach in the Crypto Industry
Bitmain continues to make strides in various aspects of the cryptocurrency industry. With its upcoming launch of mining machines for Aleo and recent developments like the Antminer S21 model, Bitmain remains a significant player in the mining hardware market. Additionally, their investment in Core Scientific further solidifies their commitment to expanding their influence and capabilities within the crypto ecosystem.
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