Bitmain Expands South American Footprint with New Partnerships

Bitmain’s Bold Moves in South America

In a significant strategic shift, Bitmain, the heavyweight contender in the cryptocurrency mining world, has announced an expansion into South America. This move is marked by collaborations with two local consulting firms: Fastblock, set to lead the Brazilian market, and Bit5ive, which will facilitate the distribution of Antminers across 30 countries in Latin America, Central America, and the Caribbean.

Introducing the Distributors

Bit5ive, a Miami-based player in the crypto mining arena, has been making waves since its inception in 2013. Not only does it sell mining hardware, but it also provides hosting and technical support. Robert Collazo, the CEO and co-founder, expressed enthusiasm about being the official distributor for Bitmain’s robust lineup of products in South America.

Fastblock, on the other hand, boasts a history of consulting since 2014. CEO Bernardo Schucman revealed that the firm has successfully managed over 20 mining plants, suggesting a strong foundation for navigating the intricacies of the cryptocurrency landscape.

Market Insights: The Numbers Game

Despite the optimism surrounding these partnerships, Bitmain has seen some shifts in its market position. Recent reports indicate that Bitmain’s market share by hashrate has slid from a formidable 70% in June to around 66% by December 2019. To put this into perspective, as of 2017, claims estimated their global hardware market share at about 75%. Talk about a rollercoaster!

The Chinese Giant’s Continuing Relevance

Even amidst the ebb and flow of market shares, Chinese miners continue to hold significant sway, controlling about 66% of the global hash rate. CoinShares’ report captures this ongoing dominance, showcasing how despite fluctuations, the overall growth trajectory in China remains strong.

Looking Ahead: Unanswered Questions

While Bit5ive’s Antonio Oliveira opted to keep mum on specific client purchase regions or sales numbers, Fastblock has also remained silent after attempts by media outlets to connect. As these firms get their feet wet in distribution, it will be interesting to watch how this partnership unfolds and the impact it will have on the wider mining ecosystem.