The move opens a front of competition with Jihan Wu’s Bitdeer, a cloud mining operator that also launched a $250 million fund to buy distressed assets in late September. Wu is the ousted co-founder of Bitmain, the largest manufacturer of crypto mining machines in the world. Another big player in the cloud mining space is BitFuFu, backed by Bitmain’s other founder, Ketuan “Micree” Zhan.

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