Bitmain Charges Ahead: US Manufacturing Push, Vietnam Courts Upbit, and Crypto’s Next Power Moves
Bitmain's global expansion just hit overdrive—US factories humming, Vietnam shaking hands with Upbit, and miners scrambling to keep up.
Stateside Hashpower Surge
The mining giant's US manufacturing play isn't just diversification—it's a full-scale assault on energy arbitrage. Texas wind meets Chinese silicon in a marriage of convenience.
Vietnam's Crypto Coming-Out Party
When Bitmain's Southeast Asian pivot collides with Upbit's regional ambitions, watch for regulatory fireworks—and the usual parade of 'blockchain special economic zones.'
Meanwhile in TradFi Land...
Goldman analysts still can't decide if ASICs count as 'industrial equipment' or 'magic internet money boxes' for their quarterly reports. The hedging continues.
Bitmain Expands US Operations with First ASIC Manufacturing Plant
Chinese Bitcoin mining giant Bitmain will establish its first US manufacturing facility by early 2026, Bloomberg reported. The world’s largest ASIC chip producer plans to open its headquarters in Texas or Florida by the third quarter of 2025. Global business chief Irene Gao said Bitmain’s expansion will accelerate delivery and repair times for American customers.
Bitmain controls 82% of global bitcoin ASIC production alongside competitors MicroBT and Canaan, who hold 15% and 2% respectively. The company will hire 250 local workers initially for manufacturing and facility maintenance roles. This expansion follows favorable crypto policies under the Trump administration and addresses previous regulatory challenges.
The MOVE comes after US authorities seized thousands of Bitmain ASICs in November 2024 over sanctions concerns. Producing domestically offers a solution to ongoing regulatory issues while capitalizing on America’s Bitcoin mining boom. Full-scale manufacturing is anticipated by the end of 2026.
FBI Strikes Chaos Ransomware Group
The FBI seized $2.4 million worth of Bitcoin from cybercriminal “Hors” of the Chaos ransomware group. The Dallas-based FBI operation confiscated 20.28 BTC in a significant victory against international cybercrime. Chaos emerged in February 2025 as a dangerous new threat linked to the BlackSuit gang.
Today, FBI Dallas made public the seizure of over $1.7 million worth of cryptocurrency as part of ongoing efforts to combat ransomware. The seized funds were traced to a cryptocurrency address allegedly associated with a member of the Chaos ransomware group, known as "Hors," who… pic.twitter.com/uWeIMMGE9J
— FBI Dallas (@FBIDallas) July 28, 2025The group specializes in double extortion attacks across multiple countries, including the United States and the United Kingdom. Their sophisticated ransomware-as-a-service model targets Windows, Linux, and network storage systems with advanced encryption capabilities. This successful seizure demonstrates law enforcement’s growing ability to track cryptocurrency transactions despite anonymity measures.
Dunamu Meets Vietnam PM Over Crypto Market Expansion
South Korean crypto exchange Upbit’s parent company, Dunamu, met with Vietnamese Prime Minister Pham Minh Chinh in Hanoi. According to Vietnamese state media, Vice Chairman Kim Hyung-nyeon discussed strategic partnerships for Vietnam’s digital asset ecosystem development and regulatory framework establishment. The meeting included Hana Financial Group executives exploring blockchain-based asset management platforms.
Dunamu promised comprehensive cooperation, including technology transfer, infrastructure development, and talent cultivation based on global regulatory experience. Prime Minister Chinh instructed the Finance Ministry to lead pilot operation resolutions while directing central bank support. Vietnam plans comprehensive institutionalization, including regulatory sandboxes, tax systems, and investor protection standards for balanced industry growth.
Upbit ranks as the world’s fourth-largest cryptocurrency exchange by trading volume according to CoinMarketCap data.
Japan Launches World’s First NFT Vending Machines
Japanese company 24karat partnered with Dapper Labs to sell sports NFTs through nationwide AIICO vending machines. The world-first initiative brings digital collectibles, including NBA Top Shot, to physical retail locations. Customers tap touchscreens and scan QR codes for wallet-free purchases without blockchain knowledge required.
Shigeki Mori contributed.
