Nano Labs rebrands subsidiary to Nano bit, expands into Bitcoin ecosystem

The strategic rebranding of Hangzhou-based Nano Labs indicators a dedication to blockchain improvement and worldwide market progress.

Immediately, Nano Labs Ltd., a number one built-in circuit design agency and product options supplier in China, introduced that Tsuki HK Restricted, its wholly owned subsidiary, has been formally renamed Nano bit HK Restricted. With this rebranding, Nanobit returns to the Bitcoin ecosystem and plans to create initiatives and companies round Bitcoin (BTC).

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Nano Labs’ dedication to advancing blockchain infrastructure innovation is demonstrated by Nanobit HK Restricted’s deliberate deal with creating BTC ecosystems.

Whereas it stays unclear whether or not Nano Labs plans to maintain BTC on its steadiness sheet, the chip designer emphasised that accepting the cryptocurrency is “in keeping with its long-term imaginative and prescient.”

In pre-market buying and selling, shares of Nano Labs are priced at $9.07, up 17.03% on the time of writing. It stays to be seen whether or not the rebranding information could have a long-lasting affect on Nano Labs Ltd’s share value when the market opens at present.

Nano Labs LTD 1D Chart | Supply: Google Finance

Based in 2019 by Kong Jianping and Solar Qifeng, Nano Labs is a fabless IC design and product options supplier based mostly in China, specializing in revolutionary chip architectures, storage techniques and distributed computing. The corporate went public in July 2022, initially aiming to boost $50 million in its US IPO however finally elevating $20 million.

Nano Labs continues to guide the sphere in high-throughput and high-performance computing options, with its flagship Cuckoo collection chips such because the Cuckoo 1.0, Cuckoo 2.0 and Darkbird 1.0, that are among the many first high-throughput pc processors in the marketplace. market.

The institution of Nano bit HK Restricted furthers Nano Labs’ aim of advancing technological improvement whereas leveraging the growing significance of blockchain and cryptocurrency in worldwide markets. With this challenge, the corporate hopes to extend its affect on the worldwide stage and strengthen its place as a pioneer within the discipline of blockchain infrastructure.

Given Nano Labs’ prowess in high-performance computing, this know-how may considerably enhance BTC’s mining processes. For instance, the corporate’s Cuckoo collection chips are used to enhance vitality effectivity and hash fee, two essential points of mining operations.

Energy consumption and efficiency optimization are persistent points for crypto mining tools producers resembling Bitmain and MicroBT.

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