Israel To Be The Next Potential Market For Bitmain To Expand Its R&D

Bitmain is looking to expand its business and now it is targeting Israel. The Chinese cryptocurrency mining which is the market giant will be expanding its working area of research and development in Israel. By focusing on Israel there would be a large implementation in the number of employees in China and it is expected to expand to almost 3 times the current size.

In one of the interview, Gadi Glikberg the vice president along with Israeli Business manager at Bitmain announced in front of the media that the company will be hiring 40 blockchain researchers, senior software, and security engineers, and people who will be good programmers and have sound knowledge of Python and JavaScript. QA staff at the Raanana development center.

In one of the article, it was stated that by this year Bitmain will be focusing on the Israel market which will be generating the jobs in China and will be crossing almost 3 times the current market size. They are hiring a pool of experts who will be handling the backend operations to support the company and will be efficiently handling the queries.

This year the market value of the cryptocurrency has decreased to almost 60% this year. The current value is $250 billion which has already scared a lot of investors and they are not interested anymore. But on the different side, the companies are seeking advantage and taking the situation as an opportunity to gain and become the leader.

The leading cryptocurrency, Bitcoin is the net worth of $108 billion with 43% market share. This data is by CoinMarketCap that was published in a journal. The current trading rate of Bitcoin is $6300 as there was a 7% market fall in the last week. There are been a dip of 68% in the Bitcoin price as compared to the 20,000 peak last year in the month of December. After all, this happening still Bitcoin is 3 times higher in price than last year which was roughly around $2000.

It has been estimated that the Bitcoin mining creates new Bitcoins at a regular, present rate and planned rate in the year 2140 after issuing all the 21 million bitcoins that are enabled in the Bitcoin Program Protocol. The annual rate of global Bitcoin mining is estimated at around $4.5 billion which was published in the Digiconomist website. The yearly cost of the Bitcoin mining is $3.5 Billion which continuously works on a profit margin of about 20% throughout.

The establishment of the Bitmain was done in the year 3013 in Beijing. Known for its production of cryptocurrency mining equipment which controls the 2nd largest cryptocurrency mining pool which is named as Antpool. Bitmain has other uses as well. Not only it is used as mining but also as an ASIC (application-specific integrated circuits) which do all the computations like machine learning and artificial intelligence.

It also introduces IPO (initial public offering) which will attract all the investors to cash out and raise capital so that the development should take place and it will make early profits in further developments.

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