Bitmain has announced a sponsorship deal with a Texan NBA team, the Houston Rockets, as well as promising to invest $500 million in the state’s economy.
In yet another example of how the cryptocurrency industry is winning at sports, AntPool, which is run by Bitmain Technologies, will soon be stepping onto the basketball court. South China Morning Post has reported that the mining equipment giant has entered into a sponsorship deal with the Houston Rockets basketball team.
It’s a Slam Dunk for Bitmain
While the amount has not been made public, the deal will be effective during the 2018-2019 season. Marketing details are also still unclear but if it includes billboard coverage, more than 900 million online viewers in China will be able to see the platform’s logo. In addition, people all around the world who are watching will be made aware of AntPool.
Li Haijiao, the head of AntPool’s overseas operations, explained the significance of this type of exposure, saying:
As the cryptocurrency industry around the globe continues to evolve and develop, it is going to be more and more important for companies like AntPool to lead the conversation and conversion of consumers to adopt and understand digital currencies.
While it may seem random, Li stated that the Houston Rockets were chosen as they were the “No 1 team in China.” In addition, Houston is the city that Bitmain has chosen to start off its U.S. expansion journey, even though the country is still developing industry regulations.
The platform aims to build a data center in nearby Rockdale for its mining operations and hopes to open for business at the beginning of next year. Live Bitcoin News recently reported that the development of the data center would create approximately 500 jobs for people in the area.
However, expansion doesn’t come cheap. AntPool has announced that it would be contributing $500 million into the Texas economy over seven years. While a hefty sum, it seems as if the ASIC chip manufacturer can afford it. Reports show that the company enjoyed a healthy $2.5 billion profit turnover last year.
Some analysts believe that these good times won’t last for Bitmain though. As the industry grows in popularity, so too does the amount of competition. Bitmain seems to be aware that keeping that competitive edge is key, which is why they have recently announced plans to introduce an upgraded version of their market-dominating ASIC chip.
While based in China’s capital of Beijing, Bitmain has branched out nationally to Shenzhen, Shanghai, Chengdu, Hong Kong, and Fuzhou, as well as internationally to Israel, the Netherlands, and Switzerland, with the U.S. being its next destination.
What do you think of Bitmain’s expensive expansion to the U.S.? Let us know in the comments below!
Images courtesy of Pixabay and Shutterstock.