Bitmain Invests in BTC Layer2 Project BEVM, Expanding into Bitcoin Ecosystem

Leading cryptocurrency mining hardware manufacturer, Bitmain, has invested in BEVM, a Bitcoin Layer2 (L2) project. BEVM is the first EVM-compatible Bitcoin L2 network built on the Taproot Consensus, using BTC as gas. This investment is significant as it marks Bitmain's first foray into the Bitcoin Layer2 domain.

Bitmain Invests in BTC Layer2 Project BEVM, Signaling Strategic Expansion into Bitcoin Ecosystem

San Francisco, California - May 25, 2023 - BEVM, a pioneering Bitcoin Layer2 (L2) project, has unveiled a significant investment from Bitmain, the world's leading manufacturer of cryptocurrency mining hardware. The investment amount, though undisclosed, marks a strategic move by Bitmain to expand its presence within the Bitcoin ecosystem.

Bitmain, founded in 2013, has been a dominant force in the digital asset mining hardware industry. Its Bitcoin mining machines have historically commanded a substantial market share, exceeding 70% at one point. This investment marks Bitmain's first foray into the Bitcoin L2 domain.

Gavin Guo, Core Builder of BEVM Foundation, expressed the project's excitement and the potential implications of the investment: "BEVM is poised to explore the integration of Bitcoin hashrate and the Proof-of-Work ecosystem with our platform. This move could facilitate the migration of trillions of dollars worth of PoW hashrate assets and a significant quantity of $BTC to BEVM. This will not only empower Bitmain assets but also unlock liquidity and create diverse financial application scenarios within the BTC Layer2 network."

BEVM stands as the first-of-its-kind EVM-compatible Bitcoin L2 network. Built on the Taproot Consensus and utilizing BTC as Gas, BEVM leverages native Bitcoin technologies like Schnorr Signature, MAST, and Bitcoin Light Node Network. This architecture enables fully decentralized BTC cross-chain functionality, seamlessly integrating BTC into a wider range of applications and facilitating genuine BTC liquidity circulation.

Since launching its mainnet on March 28, 2023, BEVM has witnessed tremendous growth, boasting over 700,000 user addresses and harboring more than 30 ecosystem projects. It recently closed a multi-million dollar funding round, with participation from renowned investors including RockTree Capital, Waterdrip Capital, Arkstream Capital, and ViaBTC Capital. The post-investment valuation of BEVM stands at $200 million.

The investment by Bitmain further underscores the industry's recognition of BEVM's innovation and its potential to bridge the gap between Bitcoin and the broader DeFi ecosystem. BEVM's mission to enhance Bitcoin's usability and expand its applications aligns with Bitmain's strategic vision for the future of blockchain technology.

For more information about BEVM, visit www.bevm.io or email business@bevm.io.

Media Contact:
Jhon Zhang
Email: business@bevm.io