Latest news with #IreneGao
Yahoo
30-07-2025
- Business
- Yahoo
Bitmain Plans Its First U.S. Crypto Mining Facility: Bloomberg
Bitmain, one of the largest producers of crypto mining hardware, is set to open its first facility in the U.S. over the next few months, Bloomberg reported, citing the company's global business chief, Irene Gao The maker of Antminer rigs, which currently manufacturers across southeast Asia, plans to set up a U.S. base and assembly line in Texas or Florida. Production is expected to begin in early 2026, with hiring already underway for 250 local workers. The move comes roughly a year after President Donald Trump called for all remaining bitcoin to be 'made in the U.S.' Bitmain has long dominated the market for specialized cryptocurrency mining hardware. That dominance has been threatened by growing U.S. scrutiny of Chinese tech firms and supply disruptions triggered by escalating trade tensions and tariff threats. Opening a U.S. plant could speed up deliveries and repairs for customers in the country, Gao said, adding that while labor costs are higher, the move still makes commercial sense. Heightened scrutiny from U.S. Customs and Border Protection has delayed mining equipment shipments, and the U.S. Commerce Department has blacklisted Sophgo, an artificial intelligence firm linked to Bitmain, accusing it of 'acting at the behest of Beijing to further the PRC's goals of indigenous advanced chip production,' referring to the People's Republic of China. Bitcoin mining was historically dominant in China given the low energy costs miners could leverage in the country. After the practice was banned there in 2021, the U.S. became a prominent crypto mining hub, with American crypto miners like MARA Holdings (MARA) and CleanSpark (CLSK) now being publicly traded. Still, Bitmain's U.S. move faces obstacles, including regulatory scrutiny and uncertainty over whether crypto hardware like ASIC miners will be subject to the same export rules as AI chips. The company started a bitcoin mining farm in rural Texas back in 2019, taking advantage of low energy costs in the region. It's not clear if it still owns the site. Sign in to access your portfolio
Bloomberg
29-07-2025
- Business
- Bloomberg
China Crypto Firm Bitmain Plans First US Factory in Trump Gambit
Bitmain Technologies Ltd., the world's largest manufacturer of crypto mining hardware, plans to open its first US facility in the coming months, a strategic pivot riding the 'Made in America' boom in digital assets. The company intends to officially open a new headquarters and assembly line in either Texas or Florida by the end of the third quarter. Initial output is expected in early 2026, with full-scale production ramping up later in the year, according to Irene Gao, Bitmain's global business chief.
