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.
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 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.#Z9QApic.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.
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 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.#Z9QApic.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.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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