ZURICH (Reuters) – Chinese bitcoin mining giant Bitmain Technologies is expanding to Switzerland in a move that will be key to widening its reach, the group told a Swiss newspaper.
Bitmain Switzerland was registered in Zug, Switzerland in late December according to commercial registry filings accessed on Wednesday.
Experts say China is one of the world’s biggest sources of bitcoin mining, where miners solve complex mathematical puzzles with computers in order to be awarded virtual coins.
But a government clampdown on electricity-intensive cryptocurrency mining could soon see that activity move elsewhere.
“Bitmain Switzerland will play a central role during our global expansion,” a spokesman for the Beijing-based group told Swiss paper Handelszeitung. The paper first reported the group’s expansion to Switzerland on Wednesday.
Bitmain Technologies was not immediately available for comment nearing midnight Beijing time.