Chinese bitcoin mining manufacturer Bitmain has selected two cryptocurrency mining consulting firms—Fastblock and Bit5ive—as the official distributors of its mining machines, Antminers, in South America.
Bitmain’s market share by hash rate has fallen from 70% in June to 66% in December due to poor strategic decisions, according to a CoinShares report obtained by The Block. Infighting between its two co-founders Wu Jinhan and Micree Zhan, which ended with Zhan getting ousted in October and currently threatening legal actions, also cast doubt on the company’s future.
As a result, Bitmain is seeking new inflows of capital to boost its market share. In August, it purchased 600,000 crypto mining chips, which were expected to bring $1.2 billion in profit. Moreover, the company in October opened a 50-megawatt crypto mining farm in Texas to further scale up its mining operations.
Its latest partnerships with Mining As A Service (MaaS) company Fastblock and crypto mining consulting firm Bit5ive mark another attempt by Bitmain to advance its global reach. According to a press release, Bit5ive will help the company distribute Antminers in thirty countries in the regions and Fastblock will be responsible for the Brazilian market.
"South America continues to be an important region for the cryptocurrency mining sector,” said Irene Gao, Antminer Sales Director of North, Central, and South America (NCSA). “Our collaboration with Fastblock and Bit5ive will help us to build on the relationships we have with the mining community on-the-ground and instill trust in the sales process of Antminers."