CoinDesk, CoinDesk – 10/03/17 09:19:22 CoinDesk has learned that Bitmain, the maker of the Bitmain ASICs, has bought the crypto mining company R9 Nano, with an asking price of $8.25 million.
CoinDesk first reported this deal on Tuesday.
R9 has been one of the fastest-growing cryptocurrencies on the market, increasing from around $15 million in February 2018 to around $20 million in August 2018.
The company’s mining technology has recently seen a rise in popularity, as it has taken the lead in creating the most powerful and cost-effective mining rigs on the cryptocurrency scene.
The deal will also allow R9 to expand its mining capacity by adding a new chip to its ASIC mining rigs.
R3, a Chinese mining company, recently announced its own acquisition of R9.
The move has been made in an effort to compete with mining giants such as China National Offshore Oil Corporation (CNOOC), a unit of China’s state-owned National Development and Reform Commission, or NDRC.
In March 2018, R3 announced that it had entered into a joint venture with China National Nuclear Corporation (CNNC), the country’s largest state-run nuclear company.
In a press release, R2 said that the new joint venture will further strengthen R2’s mining expertise, while R3 will continue to focus on its mining and energy businesses.
The press release added that R3’s new partnership will “add a new layer of stability to the R2 and R3 platforms.”
CoinDesk will keep you up to date on the R3/R2 deal.
This is the second R2/R3 deal announced by the company.
Earlier this month, R1 announced a $1 billion buyout of rival Bitmain.
CoinMarketCap has the latest data on the latest deals between the two companies.
R1 also has a $250 million investment from Chinese venture capital firm Xiong Investment, which was announced last month.
R2 has already announced a number of other acquisitions, including $3.5 billion in Series C funding from the China-based investment company Wanda Group and $500 million from Wanda’s China Investment Group.
The cryptocurrency industry continues to grow and is currently seeing record-breaking growth in the US, Europe, and Japan.
CoinBase has the full list of Bitcoin mining deals that have been announced thus far.