Bitmain, the China-based Bitcoin mining giant, has set up a new subsidiary in Switzerland.
A report from Swiss-based news service Handelszeitung states that the company has based the subsidiary, Bitmain Switzerland, in Zug. The locale is the home of the “Crypto Valley,” an area where a number of cryptocurrency and blockchain startups have headquartered thanks to a permissive regulatory environment.
The move – which comes amid reports that the Chinese government wants to slowly but surely quash the country’s mining ecosystem – is said to be a notable one for the firm, according to statements. This, sources say, would be accomplished by curtailing access to supportive tax policies as well as the land and utilities needed to run a power-hungry Bitcoin mine.