In Brief
The company, well-known as the leading producer of Bitcoin mining equipment, revealed plans to introduce innovative machines aimed at enhancing privacy through the use of Aleo's technology.
This development signifies Bitmain's foray into the market of privacy-focused cryptocurrencies, which could open new avenues in the cryptocurrency mining landscape.
Bitmain, a titan in Bitcoin mining hardware production, is preparing to release a specialized series of rigs intended for a blockchain platform that emphasizes privacy leveraging zero-knowledge technologies. Aleo A prominent announcement was shared via WeChat by the China-headquartered firm, revealing plans to penetrate the privacy-oriented blockchain arena, although specific launch dates are yet to be disclosed. The company intends to introduce an ‘Antminer’ model that is uniquely crafted for Aleo’s requirements.
With the Aleo Ant miner, users will be able to mine Aleo coins, contributing to the security and expansion of the network. Bitmain anticipates that this initiative will cultivate a stronger and environmentally friendly proof-of-work ecosystem.
This delay is attributed to a temporary hiccup regarding staff payments in September, linked to reported cash flow challenges.
The news follows Bitmain’s recent public attention In spite of these financial setbacks, Bitmain continues to make substantial headway across different sectors. Just last month, they debuted their newest Antminer S21 model, which has garnered considerable interest from miners. Notably, CleanSpark, an American Bitcoin mining entity listed on Nasdaq, has already procured 4.4 exahashes per second of these newly minted S21 mining rigs.
Additionally, Bitmain is stepping in with a $54 million investment into the financially troubled bitcoin mining firm, Core Scientific. Renowned for developing application-specific integrated circuits (ASICs) for Bitcoin mining, Bitmain also runs one of the globe’s largest crypto mining pools, known as Antpool.
Furthermore, Bitmain has outlined plans Last year, Aleo’s developers secured $200 million during a Series B funding round, with key investments from SoftBank Vision Fund 2 and Kora Management, along with support from Tiger Global, Andreessen Horowitz (a16z), Samsung Next, Slow Ventures, and Sea Capital.
According to The Block Top crypto mining companies in 2023: An insightful overview.
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Disclaimer
In line with the Trust Project guidelines Agne is a journalist dedicated to covering the cutting-edge trends in the metaverse, AI, and Web3 sectors for Metaverse Post. With a genuine passion for storytelling, she has engaged in numerous interviews with experts, seeking to highlight captivating narratives. Agne holds a Bachelor’s in literature and has a rich background writing on diverse topics, including travel, art, and culture. Her volunteer work also includes editing for an animal rights organization, promoting awareness on animal welfare. You can reach her at
