Bitmain chose to settle in Switzerland in order to escape the repression of the regulatory authorities chinese

The chinese giant of the mining of crypto-currency, Bitmain, is in the process of establishing itself in Europe with a new subsidiary based in Switzerland.

bitcoinChina/Source : CryptoHustle

Bitmain installs in the “Silicon valley” of crypto-currencies

Currently in the construction phase, “Bitmain Switzerland” will have its headquarters in the city of Zug, known throughout the world as the “Silicon valley” of crypto-currencies. There are many reasons why stratups specialized in the mining of crypto-currencies to settle in Zug, switzerland. In fact, this region of Switzerland offers a jurisdiction that is more flexible and more user-friendly. Therefore, it is not surprising to see a growing number of startups and enterprises with activities based on technology, Blockchain and crypto-currencies to establish their headquarters in the region. In addition, the city of Zug is home to the association’s “Crypto Valley” that is supported by the government. Its aim is to popularize the use of crypto-currencies. Moreover, it is through the efforts of this association that the inhabitants of the city can afford to pay for municipal services in Bitcoin.

The city of Zug in Switzerland/Source : Wikimedia Commons

Zug, the ground of retrenchment ideal

The entrance to Bitmain in Switzerland comes at a time when the restrictions on the mining operations of Bitcoin in China continues. Indeed, the financial authorities of the country, with the people’s Bank of China at the forefront, seek to reduce the use of energy-intensive mining Bitcoins. Thus, they prohibit the establishment of any favourable policies such as tax exemptions or reduction in the price of electricity. Thus, after having established subsidiaries in the United States, Singapore and Israel, Bitmain has chosen the city of Zug as the next home world of the mining of crypto-currencies, because Switzerland is “one of the countries most progressive in the field, and has a good legal stability,” said a spokesman for Bitmain.

Source : Coindesk