Bitmain IPO and Working To Keep Top Mining Spot
09 August 2018 - 3:11AM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
August 08, 2018 -- ADVFN Crypto NewsWire -- Bitmain is headquartered in Beijing, China, but
has offices in San Francisco, Tel Aviv, Hong Kong, Chengdu and
Shenzhen as well. The company quickly the industry leader in Mining
by profits, because the founders of the company were the first to
designed an ASIC computer chip capable of mining Bitcoin. ASIC
miners outperform any other method currently available. In 2017
they generated between $3 and $4 billion. They are partnered
with BitPay to facilitate payments to
miners.
Founders Jihan Wu was previously a
financial analyst and private equity fund manager, and Micree Zhan
was trying to gain funding for a start up at the time they met in
2013. It was that same year they discovered Bitcoin, and became the
first to translate Satoshi Nakamoto’s Bitcoin
Whitepaper to Chinese. They
started Bitmain immediately after implementing the new ASIC
compatibility, and now hold the majority of the mining hardware
market.
Bitmain IPO - $15 Billion
Valuation
Bitmain just completed an IPO,
reaching a $15 billion valuation, but the company hopes to reach
$30 billion when listed to Hong Kong Stock Exchange next month. The
funding came primarily from a Japanese Tech company
called Softbank. This is the same
company that became the largest shareholder of
Uber back in January of this year when Uber completed a
funding round totaling $1.5 billion.
New Texas Mining
Facility
Reports came out of a new mining
facility earlier this year when they put up job postings for Data
Center Managers in the United States, where they currently do not
have operational facilities. However, just this week the company confirmed that
they will be building a new facility in Texas.
The project will cost nearly $500
million for a blockchain data center and mining facility in
Rockdale, Texas. They will be updating a former smelting facility
with an estimated completion date in the fourth quarter of this
year. The facility will not be fully operational until 2019, but by
opening will create somewhere around 400 jobs.
By: BGN Editorial Staff
News:
Bitmain
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