Bitmine to drop 4PH/s of ASIC power onto bitcoin network

A Hong Kong-based investment company is ramping up an ASIC mining hardware business that will drop four Petahashes (PH/s) of computing power onto the network by the end of March.

Massive Luck Investments, domiciled in Hong Kong but registered in the British Virgin Islands, has taken a 50% stake in Swiss mining hardware manufacturer Bitmine, (formerly Exion Networks), which has been designing Avalon-based mining hardware. The new venture spans ASIC hardware sales to individual customers, hosted mining, and its own private mining pool.

Massive Luck Investments, which has offices in places including Manila and the UK, is a relatively new entrant to the bitcoin space. The firm, which also has operations in traditional gold and copper mining and rare earth metals, decided to get into digital mining after evaluating new market opportunities earlier this year. With Bitmine, it is buying existing ASICs from other manufacturers while also preparing to fabricate its own through a partnership with fabrication giant Global Foundries.

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