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- Renowned crypto mining rig producer, Bitmain, is set to launch new mining machines for Aleo Antminer.
- This comes after settling the wages of staff that were reportedly delayed due to cashflow issues.
The largest crypto mining rig producer, Bitmain, has disclosed its intention to launch mining machines for Aleo Antminer. Aleo Antminer operates as a Proof-of-Work blockchain that uses Zero-Knowledge Proof (ZK) to achieve zero privacy. On top of that, it is working towards the plans to achieve a blockchain network with decentralization, scalability, and privacy protection.
The decision of Bitmain to launch an Antminer model for Aleo is reportedly part of the testnet phase according to a post made on the social media platform WeChat. However, the timeline is yet to be disclosed. Bitmain has made massive progress in this field as it recently launched its latest Antminer S21 model with some renowned miners expressing interest in it.
Zach Bradford, CEO of America’s Bitcoin miner CleanSpark Inc. announced his company had purchased 4.4 exahashes per second (EH/s) of the Antminer S21 Bitcoin mining machines.
Integrating the S21 into our mining operations is in line with our commitment to using the most efficient mining technology. The efficiency of the S21 should not only increase our capacity but should also drive down energy costs per bitcoin mined, enhancing our competitive edge within the global mining landscape. Importantly, our scale has positioned us with strong bitcoin production at solid margins, and as a result, we expect to fund the majority of the purchase through operating cash flows.
Bitmain Expands Relationship with Core Scientific
As part of its future plans, the company has decided to invest $54 million in bankrupt Bitcoin mining firm Core Scientific. The Texas-based Bitcoin miner explained that the investment is meant to expand their long-standing relationship and a commitment to its supply contract. It also plans to send 27,000 Bitcoin mining servers to Core Scientific in return for $23.1 million in cash and $53.9 million in Core Scientific common stock.
Max Hua, chief executive officer of Bitmain explained:
Core Scientific’s] professionalism, integrity, and commitment to the success of their hosting customers and the growth of the Bitcoin Network is unsurpassed in the industry.
Aleo, on the other hand, is the first blockchain privacy network that provides full-stack programmability. It is important to note that Aleo provides tools for users to build privacy applications on the network freely. Last year, it raised $200 million in a Series B funding round led by SoftBank Vision Fund 2 and Kora Management. It also saw the participation of others such as Tiger Global, Andreessen Horowitz (a16z), Samsung Next, Slow Ventures, and Sea Capital.
For now, Bitmain has vowed to improve the digital world by ensuring that there is a “win-win, long-term, and loyal ” relationship with customers to create a sound Proof of Work ecosystem.
Earlier this month, it was disclosed that Bitmain had delayed staff payments for September due to cash flow issues. According to crypto reporter Colin Wu, the wages have so far been cleared prior to the launch of the new Aleo-based miners.
On the afternoon of October 7, Bitmain repaid September wages and stated that it only did not pay the performance salary of some people. It has also been repaid, and the basic salary has been released normally on September 30.
