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Bitmain, the leading Beijing-headquartered crypto mining rig manufacturer, is set to bolster the proof-of-work (PoW) blockchain network of Aleo with its upcoming Antminer release.The firm <a href="https://mp.weixin.qq.com/s/UVLKlHGryXvlaqMh6MfFFA" rel="noopener noreferrer nofollow">announced</a> its intentions via a social media post which was published on WeChat on Monday. The move follows Bitmain’s recent introductions of Filecoin and Kaspa mining machines and its <a href="https://medium.com/&#64;coinness.gl/chinas-bitmain-makes-plans-to-unveil-world-s-first-1xj-t-bitcoin-miner-6473232c211f" rel="noopener noreferrer nofollow">latest series</a> of Bitcoin miners.<h2 id="header-0">Enhanced privacy through zk proofs</h2>Bitmain plans to unveil a miner compatible with the forthcoming Aleo blockchain network which is currently in <a href="https://www.theblock.co/post/160545/aleo-to-test-virtual-machine-ahead-of-mainnet-launch" rel="noopener noreferrer nofollow">testnet mode</a>. Aleo’s PoW blockchain promises to bring enhanced privacy through zero-knowledge (zk) proofs while retaining programmability. Zk proofs represent a cryptographic advancement insofar as they can verify data while it remains encrypted and undisclosed to the verifying party. The blockchain network adopts a statically typed programming language inspired by Rust, known as Leo.Aleo has been gaining significant attention in the crypto space, much like other venture capital-backed layer 1 blockchains, including Solana, Aptos, and NEAR, before their respective debuts. In April 2021, Aleo’s team successfully secured $28 million in a Series A funding round, with Andreessen Horowitz (a16z) leading the way.Aleo’s journey reached new heights in February 2022 when its Series B funding round raised a substantial $200 million, pushing the project into unicorn status. This funding round was jointly led by Softbank Vision Fund 2 and Kora Management LP, with participation from a16z, Tiger Global, Sea Capital, Slow Ventures, and Samsung Next.<h2 id="header-1">Latest in series of product launches</h2>Bitmain’s announcement is part of a series of product launches in recent months. In July, the company unveiled a mining rig designed for <a href="https://medium.com/&#64;coinness.gl/bitmain-to-launch-filecoin-token-mining-machines-e0bfe6689a93" rel="noopener noreferrer nofollow">Filecoin</a> (FIL). The following month marked the shipment of Bitmain’s Kaspa (KAS) mining machines. Shortly after the Kaspa deliveries, Bitmain revealed plans for an August release of a Monero (XMR) mining rig. Most recently, Bitmain introduced two next-generation Bitcoin (BTC) miners from the S21 series.The Chinese crypto mining equipment manufacturer has faced financial challenges in recent times. In April, it emerged that the company had been<a href="https://medium.com/&#64;coinness.gl/bitmain-fined-by-chinese-authorities-for-tax-irregularities-17ddaba50f1d" rel="noopener noreferrer nofollow"> fined</a> by the Chinese authorities for tax irregularities.Earlier this month, reports <a href="https://medium.com/&#64;coinness.gl/bitmain-pays-employees-following-salary-suspension-d4d6b4edf22d" rel="noopener noreferrer nofollow">suggested</a> that the company was experiencing liquidity issues. It failed to pay some of its employees although it later resolved the matter. Reports of staff payment difficulties surfaced two weeks ago. Arising out of that episode, the company subsequently <a href="https://www.theblockbeats.info/en/flash/185638" rel="noopener noreferrer nofollow">fired</a> three employees for posting information about salary payment issues on social media.Nevertheless, the firm managed to secure two contracts with US-based mining operations following those reports. In these contracts, Bitmain sold a combined 5.8 exahash per second (EH/s) of its new S21 Antminers to Iris Energy and Cleanspark. In September, Bitmain finalized a <a href="https://www.businesswire.com/news/home/20230921433915/en/Bitmain-to-Invest-54-Million-in-Core-Scientific-Inc.-as-Part-of-New-Supply-Contract" rel="noopener noreferrer nofollow">deal</a> with troubled crypto miner Core Scientific that will see the firm supply the restructured company with 27,000 Bitcoin miners.The company has been blighted by internal conflicts going back a number of years between co-founders Jihan Wu and Zhan Ketuan. Subsequently Wu went on to found Singapore-headquartered crypto cloud mining platform Bitdeer.

Bitmain Planning Mining Equipment Support For Aleo Blockchain

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