Explore how Bitmain backs Bitcoin Layer2 BEVM with strategic investment
The Bitcoin Layer2 project BEVM just announced an investment from the leading company Bitmain, which mines cryptocurrency fields, namely servers, worldwide. The exact amount invested remains undetermined.
Established over 6 years ago, Bitmain’s position among the leaders of digital asset mining hardware manufacturers is still at the forefront of this niche. It had its days in the past, having the single most significant market share of over 70% in the mining industry, Bitcoins. While this is the only investment of Bitmain in the Bitcoin Layer 2 realms up to now, it has served to announce its entry into the fast-growing and ever-expanding field of solutions for Bitcoin scaling.
Gavin Guo, a vital builder of the BEVM Foundation, stated, “Further, (BEVM) will turn towards identifying Bitcoin hashrate and applying it to Bitcoin’s ecosystem within PoW. Substantial amounts of hashrate assets, together with US$BTC from PoW, would subsequently be migrated to BEVM. This will enable Bitmain assets and allow a more diversified Bitcoin Layer 2.
BEVM, in effect, represents the very first Bitcoin L2 network fully compatible with EVM, which works on the Taproot consensus; Taproot also provides oil in this network. The protocol cognizes native Bitcoin technologies such as the Schnorr Signature, the Merkelized Abstract Syntax Tree (MAST), and BNSS. BITCOIN cross-chain interactions are wholly decentralized, and these tools are used to realize the trustless integration of BITCOIN into a more extensive array of applications, enhancing BITCOIN liquidity flow.
BEVM initiated its mainnet on March 28; this chicken has come to roost since it now holds over 700,000 user addresses, as well as over 30 ecosystem projects. According to the recent press release, BEVM also claimed that they have tens of millions of dollars in financial sources, through which investors like RockTree Capital, Waterdrip Capital, Arkstream Capital, and ViaBITCOIN Capital, among nearly 20 other institutions, have participated in bringing the company’s post-investment valuation to US$200 million.
