Bitmain

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Bitmain Technologies Ltd.
Private
Industry Computer software
Founded 2013
Founder Jihan Wu and Micree Zhan
Headquarters Beijing, China
Area served
Worldwide
Brands AntMiner, AntPool, Hashnest
Website bitmain.com

Bitmain Technologies Ltd., or Bitmain, is a privately owned company headquartered in Beijing, China, with offices in Shenzhen, Shanghai, Chengdu, Hong Kong, Fuzhou, US, Israel, Netherlands and Switzerland. It is the world's largest designer of ASIC chips for Bitcoin mining.[1] The company also operates Antpool, historically one of the largest bitcoin mining pools.

Bitmain has been reported to be highly profitable,[2] and had a net profit of $742.7 million in the first half of 2018,[3] but operating cash flow is negative.[1] The company grew 328.2% annually from 2015 to 2017.[3]

History[edit]

Bitmain was founded by Jihan Wu and Micree Zhan in 2013. Prior to founding Bitmain, Wu was a financial analyst and private equity fund manager and Zhan was running DivaIP, a startup that allowed users to stream television to a computer screen via a set-top box.[4] They originally met while Zhan was trying to raise money for the startup, however after discovering Bitcoin and becoming the first person to translate Satoshi Nakamoto's Bitcoin white paper into Chinese, he approached Zhan for help in developing a new ASIC chip capable of mining bitcoin, at which point Bitmain was founded.

In June 2018, Wu told Bloomberg that Bitmain is considering an IPO for producing capital to expand its producing hardware.[5] The company completed its $1 billion pre-IPO registration with the Hong Kong Stock Exchange in August,[6] and filed for IPO in September.[3][1]

References[edit]

  1. ^ a b c Lucas, Louise (2018-09-27). "China's crypto mining rig-maker Bitmain plans Hong Kong listing". Financial Times. Retrieved 2018-09-27.
  2. ^ Cheng, Evelyn (23 February 2018). "Secretive Chinese bitcoin mining company may have made as much money as Nvidia last year". CNBC. Retrieved 30 April 2018.
  3. ^ a b c Hu, Bailey (2018-09-27). "Bitmain files for IPO in Hong Kong". TechNode. Retrieved 2018-09-27.
  4. ^ Wong, Joon Ian. "China's Bitmain dominates bitcoin mining. Now it wants to cash in on artificial intelligence". Quartz. Retrieved 2017-12-04.
  5. ^ Schmidt, Blake (7 June 2018). "Crypto's 32-Year-Old Billionaire Mining King Considers an IPO". Bloomberg. Retrieved 28 September 2018.
  6. ^ Zhao, Runhua (2018-08-13). "World's largest bitcoin mining company Bitmain plans an IPO greater than Facebook's". TechNode. Retrieved 2018-08-13.