October 23, 2023

Bitmain to Launch Aleo-Backed Mining Machines, Expanding into Privacy-Focused Blockchain

Published: October 23, 2023 at 4:43 am Updated: October 23, 2023 at 4:43 am

Edited and fact-checked: October 23, 2023 at 4:43 am

In Brief

Bitmain is set to unveil a line of mining machines tailored for Aleo, a blockchain network emphasizing privacy through zero-knowledge proofs.

This marks Bitmain’s expansion into privacy-focused cryptocurrencies, bringing new opportunities to the cryptocurrency mining industry.

Bitmain to Launch Aleo-Backed Mining Machines, Expanding into Privacy-Focused Blockchain

Bitmain, the world’s leading manufacturer of Bitcoin mining rigs, has announced its plans to introduce a new line of mining machines designed for Aleo, a blockchain platform focused on achieving privacy through zero-knowledge proofs.

The China-based firm made this revelation on WeChat, indicating their expansion into the privacy-centric blockchain space, though a launch timeline remains undisclosed. It shared plans to introduce an ‘Antminer’ model specifically designed for Aleo.

With the Aleo Ant mining machine, users can mine Aleo coins, thus enhancing the network’s security and growth. Bitmain expects this development to lead to a more robust and cleaner proof-of-work network.

The news follows Bitmain’s recent public attention due to a temporary delay in staff payments in September caused by reported cash flow problems.

Despite these financial issues, Bitmain has been making substantial progress in various sectors. In September, the company launched its latest Antminer S21 model, generating significant interest from miners. Notably, CleanSpark, a Nasdaq-listed American Bitcoin miner, has already acquired 4.4 exahashes per second of the S21 mining rigs.

Furthermore, Bitmain has outlined plans to invest $54 million in the financially troubled bitcoin mining company Core Scientific. Known for designing and manufacturing application-specific integrated circuit (ASIC) chips for Bitcoin mining, Bitmain also operates one of the world’s largest cryptocurrency mining pools, known as Antpool.

According to The Block, Aleo’s developers secured $200 million in a series B funding round last year, with leading contributions from SoftBank Vision Fund 2 and Kora Management, and additional participation from Tiger Global, Andreessen Horowitz (a16z), Samsung Next, Slow Ventures, and Sea Capital.

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About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

Agne Cimerman