By Brenna Hughes Neghaiwi
But a government clampdown on electricity-intensive cryptocurrency mining could soon see that activity move elsewhere.
"Bitmain Switzerland will play a central role during our global expansion," a spokesman for the Beijing-based group told Swiss paper Handelszeitung. The paper first reported the group's expansion to Switzerland on Wednesday.
Zug, a small canton in the middle of Switzerland, has become known as the Swiss "Crypto Valley" due to the proliferation of cryptocurrency groups setting up shop there.
The Swiss company, Bitmain Switzerland, was registered to directors Jihan Wu, the name of Bitmain Technologies' co-founder, as well as a Chinese national by the name of Ti Liu residing in Birrwil, Switzerland and a Swiss national, Christian Johannes Meisser, residing in Klosters-Serneus.
(Reporting by Brenna Hughes Neghaiwi; Editing by Adrian Croft)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)