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Chinese bitcoin mining giant sets up Swiss subsidiary

Reuters  |  ZURICH 

By Hughes Neghaiwi

ZURICH (Reuters) - Chinese giant is expanding to in a move that will be key to widening its reach, the group told a Swiss newspaper.

Bitmain was registered in Zug, in late December according to commercial registry filings accessed on Wednesday.

Experts say is one of the world's biggest sources of mining, where miners solve complex mathematical puzzles with computers in order to be awarded virtual coins.

But a government clampdown on electricity-intensive cryptocurrency could soon see that activity move elsewhere.

"Bitmain will play a central role during our global expansion," a told Swiss paper Handelszeitung. The paper first reported the group's expansion to on Wednesday.

was not immediately available for comment nearing midnight time.

Founded in in 2013, Bitmain is a leading miner which also makes chips and computer hardware for

Besides it currently has offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu, and Shenzhen, according to its website.

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, and a Swiss national, Christian Johannes Meisser, residing in Klosters-Serneus.

(Reporting by Hughes Neghaiwi; Editing by Adrian Croft)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 10 2018. 22:55 IST