Chinese Mining Firm Bitmain Valued at $12 Billion After Latest Funding Round
- Bitmain is estimated to control the majority of the hash power on the Bitcoin network.

Bitmain, a major Bitcoin mining firm based in China, has been valued at $12 billion following the recent closing of a Series B round funding.
Local news source Caixin reported that the round brought in somewhere between $300 million and $400 million in new funds, led by US-based hedge fund Coatue, Sequoia Capital China, and EDBI, an investment fund backed by the government of Singapore.
This latest round of funding was considerably larger than the $50 million raised in Bitmain’s Series A funding round in July of 2017. Sequoia was listed as a main contributor in that round as well, along with IDG Capital.
According to Caixin, the mining firm is also planning to conduct a pre-IPO funding round in the future, although no specific details have been given as to when that will happen. If the plans are confirmed, Bitmain will join the ranks of Ebang Communication and Canaan Creative, two other Chinese mining firms that have both applied to hold IPOs with the Hong Kong Stock exchange.
Bitmain's Power Appears to Be Growing
Bitmain, which was also named as one of the 21 EOS block producers earlier this week, is recognized by analysts as the single most powerful mining force on the Bitcoin Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term.
In addition to high-volume sales of ASIC chips and ‘Antminer’ mining devices, Bitmain also controls AntPool and BTC.com, two mining pools that Ethereum World News reported to control 15 percent and 23 percent of the hashpower on the Bitcoin network, respectively. Bitmain also holds shares in ViaBTC, which is reported to control around 10 percent of Bitcoin’s hash power.
Just heard from QA! 77 miners, with a minimum Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain ledgers that run on Proof-of-Work (PoW) algorithms.Hash Rate and Crypto MiningPoW algorithms require the computers that uphold the network and process transactions (called nodes) to solve complex equations in order to reach consensus, or agreement on whether or not a transaction. This process is called mining. Miners are chosen based on which one of them has the most powerful equipment--in other words, the highest hash rate. A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain ledgers that run on Proof-of-Work (PoW) algorithms.Hash Rate and Crypto MiningPoW algorithms require the computers that uphold the network and process transactions (called nodes) to solve complex equations in order to reach consensus, or agreement on whether or not a transaction. This process is called mining. Miners are chosen based on which one of them has the most powerful equipment--in other words, the highest hash rate. Read this Term of 10kSol/s ±5%, have passed testing (report in pic). We will ship these on a first-paid-first-ship basis (payment times in pic) as soon as the custom formalities and paperwork is complete. Stay tuned.#Z9QA pic.twitter.com/Rxdh2wSk2J
— BITMAIN [Not giving away ETH] (@BITMAINtech) May 27, 2018
Theoretically, the company’s holdings in hash power would make it possible for it to carry out a 51-percent attack. However, Bitmain co-founder Jihan Wu asserts that Bitmain would be foolish to carry out such an attack because of the economic losses that would result.

Bitmain, a major Bitcoin mining firm based in China, has been valued at $12 billion following the recent closing of a Series B round funding.
Local news source Caixin reported that the round brought in somewhere between $300 million and $400 million in new funds, led by US-based hedge fund Coatue, Sequoia Capital China, and EDBI, an investment fund backed by the government of Singapore.
This latest round of funding was considerably larger than the $50 million raised in Bitmain’s Series A funding round in July of 2017. Sequoia was listed as a main contributor in that round as well, along with IDG Capital.
According to Caixin, the mining firm is also planning to conduct a pre-IPO funding round in the future, although no specific details have been given as to when that will happen. If the plans are confirmed, Bitmain will join the ranks of Ebang Communication and Canaan Creative, two other Chinese mining firms that have both applied to hold IPOs with the Hong Kong Stock exchange.
Bitmain's Power Appears to Be Growing
Bitmain, which was also named as one of the 21 EOS block producers earlier this week, is recognized by analysts as the single most powerful mining force on the Bitcoin Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term.
In addition to high-volume sales of ASIC chips and ‘Antminer’ mining devices, Bitmain also controls AntPool and BTC.com, two mining pools that Ethereum World News reported to control 15 percent and 23 percent of the hashpower on the Bitcoin network, respectively. Bitmain also holds shares in ViaBTC, which is reported to control around 10 percent of Bitcoin’s hash power.
Just heard from QA! 77 miners, with a minimum Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain ledgers that run on Proof-of-Work (PoW) algorithms.Hash Rate and Crypto MiningPoW algorithms require the computers that uphold the network and process transactions (called nodes) to solve complex equations in order to reach consensus, or agreement on whether or not a transaction. This process is called mining. Miners are chosen based on which one of them has the most powerful equipment--in other words, the highest hash rate. A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain ledgers that run on Proof-of-Work (PoW) algorithms.Hash Rate and Crypto MiningPoW algorithms require the computers that uphold the network and process transactions (called nodes) to solve complex equations in order to reach consensus, or agreement on whether or not a transaction. This process is called mining. Miners are chosen based on which one of them has the most powerful equipment--in other words, the highest hash rate. Read this Term of 10kSol/s ±5%, have passed testing (report in pic). We will ship these on a first-paid-first-ship basis (payment times in pic) as soon as the custom formalities and paperwork is complete. Stay tuned.#Z9QA pic.twitter.com/Rxdh2wSk2J
— BITMAIN [Not giving away ETH] (@BITMAINtech) May 27, 2018
Theoretically, the company’s holdings in hash power would make it possible for it to carry out a 51-percent attack. However, Bitmain co-founder Jihan Wu asserts that Bitmain would be foolish to carry out such an attack because of the economic losses that would result.
