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Bitmain Opens Office In Swiss Zug

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Chinese bitcoin company Bitmain has opened a new office in the Swiss Canton of Zug, according to local news Handelszeitung.

This step by the largest manufacturer of mining hardware occurred against the background of numerous reports about the intention of Chinese authorities to limit the power consumption in the industry and ask the local authority "to direct miners towards a planned exit from the business."

The Swiss Canton Zug has long been known for its favorable climate for cryptocurrency startups, shelters several dozen representatives of the industry.

"Bitmain Switzerland will have a key role in our global expansion", — quotes the edition of the representative of the Chinese company.

It is also reported that the Bitmain hire in Switzerland new employees and to cooperate with local authorities, including the office of supervision for financial markets (FINMA).

In addition Bitmain has opened a headquarters in Singapore, and launched mining operations in the United States and Canada.

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