Chinese Bitcoin Mining Giant Sets up Swiss Hub

One of the world’s largest bitcoin miners is setting up a hub for European operations in Switzerland, a person familiar with company has confirmed to swissinfo.ch. The Chinese firm Bitmain Technologies is setting up in Zug just as the Chinese authorities move to shut down cryptocurrency miners.

Bitmain Technologiesexternal link builds and supplies machines for bitcoin mining and runs its super-scale mine in China. The company set up its Swiss office Bitmain Switzerland in December, the newspaper Handelszeitung first reported on Wednesday.

“Bitmain Switzerland will play a central role during our global expansion,” a spokesman for the Beijing-based group told the newspaper. One of the people involved in setting up the Swiss entity, lawyer Christian Meisser, confirmed the report, which also states that it plans to hold talks with the Swiss financial regulator and potential strategic partners. No other details are available at present.