Bitmain Prepare to Launch Mining Machines for Aleo Blockchain

Bitmain Launch Mining Machines for Aleo Blockchain

Bitmain, the leading manufacturer of Bitcoin mining rigs, is gearing up to release specialized mining machines designed for Aleo, a privacy-centric proof-of-work blockchain leveraging zero-knowledge proofs.

The China-based giant made this announcement on WeChat, stating its intention to unveil an ‘Antminer’ model tailored for Aleo, currently in its testnet phase.

Aleo, the blockchain project, secured a substantial $200 million in a series B funding round last year, co-led by SoftBank Vision Fund 2 and Kora Management. Notable participants in the funding round included Tiger Global, Andreessen Horowitz (a16z), Samsung Next, Slow Ventures, and Sea Capital.

Bitmain did not disclose the specific timeline for the launch of these Aleo-based miners in its statement. This development follows recent public attention drawn to Bitmain’s internal announcement about delaying staff payments for September, reportedly due to cash flow challenges. However, the company has since rectified the situation by ensuring wage payments, as reported by crypto journalist Colin Wu.

Despite these financial challenges, Bitmain has made notable progress in other aspects of its operations. In September, it successfully launched its latest Antminer S21 model, generating interest from miners. For instance, CleanSpark, a Nasdaq-listed American bitcoin miner, announced the acquisition of 4.4 exahashes per second of the S21 mining rigs.

Furthermore, Bitmain has outlined plans to invest a substantial $54 million in Core Scientific, a bitcoin mining firm facing bankruptcy. Bitmain, known for designing and manufacturing application-specific integrated circuit (ASIC) chips for Bitcoin mining, operates the largest mining pool named Antpool.

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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