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Cryptocurrency Mining Giant Bitmain Buying 600K More Crypto Miners

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Bitmain Technologies, one of the Cryptocurrency mining giant announced that it has placed a new order to buy 600,000 mining machines. As per the reports, part of the machines includes the latest 7nm model, with a hashrate of 50TH/s. Based on the hashrate, Bitmain’s total hash power is expected to jump by about 50% after six months.

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The new mining machines are expected to bring $1.2 billion profits to the platform, also market valuation of about $12 billion. The mining giant is also planning for initial public offering (IPO), aiming to raise $300-$500 million.

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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