Bitmain, the Chinese cryptocurrency mining giant, is planning to expand its research and development center in Israel.

Both the Bitmain founder Jihan Wu, and cryptocurrency entrepreneur Brock Pierce mentioned that it will triple the number of employees in the country from the current 15. Gadi Glikberg, Bitmain VP, and manager of its Israeli operations stated that it would recruit more than 40 blockchain researchers, senior software and security engineers, marketing specialists, Python and JavaScript programmers, and QA personnel for the development center.

The company is seeking software engineers, blockchain researchers, marketing specialists, and programmers at a full swing

Bitmain was established in 2013 in Beijing. It is the worldwide leader in the production of cryptocurrency mining instrumentation and controls the second-largest cryptocurrency mining pool, referred to as AntPool.

Besides mining, the application-specific integrated circuits, or ASICs, created by Bitmain will be used for alternative activities requiring complicated computations, like machine learning and AI. Last month Bitmain’s co-owner, Jihan Wu, hinted at a potential initial public giving (IPO) in the metropolis, so as to permit the first investors to live and lift capital for additional development.

Bitmain is the world’s biggest producer of application-specific integrated circuit (ASIC) chips and was valued at $12 billion in its latest funding round.

Bitmain’s operations in Israel were established in 2016 and area unit in the main concerned within the development of blockchain capabilities, mining pool ConnectBTC, and AI development as a part of the Sophon project.

Bitmain’s customers embody the city Stock Exchange-listed company Blockchain Mining. Bitmain has similar development centers in the capital of the Netherlands and metropolis and offices in China, Singapore, and Georgia.

According to Crypto Vest, Alan Howard and Louis Bacon are hedge fund managers with the net worths of more than $1 billion. Bacon is Moore Capital’s CEO while Howard is the co-founder of the Brevan Howard fund.

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