Chinese mining chip maker Bitmain announced a new mining platform, World Digital Mining Map (WDMM), to facilitate connection between mining hardware owners and mining farm owners, according to the company’s blog post. The company plans to introduce the platform at the World Digital Mining Summit (WDMS) in October.
Why it matters: A majority of the world’s cryptocurrency mining activity is concentrated in China largely because of its abundance of cheap power. Bitmain sees new opportunity in helping miners in the growing industry with cost efficiency.
- The Beijing-based company is one of the largest mining rig producers in the world.
- The platform, which aims to link up mining rig owners with mining farm operators, is said to be the first of its kind.
“The WDMM will help make cryptocurrency mining more sustainable in the long-run by connecting mining farms and hardware owners in a whole new way. It is part of our commitment to provide miners with on-going support throughout their hardware’s lifetime and to support the sector’s overall growth.”
—Matthew Wang, director of mining farm at Bitmain
Details: The platform will be launched during the World Digital Mining Summit (WDMS) in October which will take place in Frankfurt.
- WDMM will facilitate the interaction between mining hardware owners, who are always on the lookout for economical locations to mine, and farm operators, who offer data center facilities and power resources.
- The new platform will help connect farm owners with their customers, even those abroad, the company said. It will also assist farm owners on mining farm design and help the owners with other aspects of their operations such as construction and purchasing.
Context: In June, reports said Bitmain was reviving its plans for an initial public offering (IPO) as optimism around Bitcoin grew, following the expiration of its Hong Kong listing application in March.
- Chinese authorities rallied against cryptocurrency trading and exchange services in late 2017. Earlier this year, authorities proposed banning crypto-mining in the country, a move that could seriously impact the mining industry in China and worldwide. As much as 70% of Bitcoin mining took place in the country last year.
- In China, provinces like southwestern Sichuan and Yunnan with inexpensive hydroelectric power are popular destinations for miners to set up shop.