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October 16, 2018

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Bitmain IPO and Working To Keep Top Mining Spot

August 8, 2018

 

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

 

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