Miners encounter cold in China, Bitmain expand to Switzerland

nRunaway Comment: After China’s news of the closure of its cryptocurrency mines in China, Bitmain, the Chinese bitcoin mining giant, set up a new subsidiary in Zug, Switzerland’s “Crypto Valley.” The company said the move is the first step in pitching business in Europe because it can take advantage of the policy here to work closely with the government.n
nTranslation: Annie_Xun
Bitmain, a Bitcoin mining giant in China, set up a new subsidiary in Switzerland.n
Swiss news Handelszeitung reports that the subsidiary Bitmain Switzerland is based in Zug. The region is home to the Crypto Valley, “thanks to a relaxed regulatory environment that is home to a large number of cryptocurrencies and blockchain start-ups.”n
The move is due to the domestic government wants to smooth and slow domestic mining ecology. According to sources, the implementation is to cut off preferential tax policies and high-energy consumption of bitcoin mines needed for the operation of land and public facilities entrance.n
Handelszeitung reports that Bitmain viewed Zug’s office as a way to break through its domestic base and expand in Europe.n
Bitmain said:n
n”Bitmain Switzerland will play a key role in our global expansion.”n
nThe company further said it plans to expand its presence in Switzerland in the coming months, hiring new employees and working with the government, including the Swiss Financial Market Supervisory Authority (FINMA).n

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