Cryptocurrency mining giant Bitmain has announced that is expanding its distribution in South America by partnering with two digital asset mining consulting firms.
In a press release from December 12th, Bitmain confirmed the appointment of Fastblock and Bit5ive – two cryptocurrency mining firms – as the official Antminer distributors in South America.
According to the news, Fastblock will serve as the primary distributor in Brazil. Founded in 2013, the firm provides major crypto mining services, including selling, hosting and supporting crypto mining hardware.
Bernardo Schucman, co-founder and CEO of Fastblock, has expressed great excitement at the opportunity to work alongside Bitmain, stating:
“We are excited to be bringing our blockchain knowledge from managing over 20 mining plants since 2014 to Antminer customers in the region. We are also able to guarantee the best prices and have a highly skilled team that can advise on the most cost-effective solutions for any mining project.”
Meanwhile, Miami-based Bit5ive will be distributing Antminers to over 30 countries in Latin and Central America as well as the Caribbean.
Robert D. Collazo Jr, Bit5ive co-founder and chief executive, stated that that the official distributor license will help strengthen the trust South American miners have in Antminer’s sales process. He further added that the team at Bit5ive looked forward to its partnership with Bitmain.
Following the announcement, Bitmain excecutive Irena Gao commented on the new partnerships and its decision to expand in the South American market, explaining:
“South America continues to be an important region for the cryptocurrency mining sector. Our collaboration with Fastblock and Bit5ive will help us to build on the relationships we have with the mining community on-the-ground and instill trust in the sales process of Antminers.”
Based in China, Bitmain is the largest manufacturer of ASIC-based Bitcoin mining chips. In addition to that, it is also the only company making the 7 nano-meter-based mining chip which is considered to be very efficient.
In the meantime, following multiple failed attempts in Hong Kong, Bitmain filed for an initial public offering (IPO) in the United States.
The news comes amidst new reports, which reported that Bitmain’s market share by hashrate had dropped from around 70% to 66% from June to early December 2019. The figures were reported in a study, called “The Bitcoin Mining Network” published by London-based digital asset manager CoinShares. Concurrently, Bitmain’s own estimations allege that the company’s market share accounted for 75% of the global crypto hardware market as of 2017.