Bitmain Technologies Ltd. is a premier organization settled in Beijing, China, that plans application-explicit incorporated circuit (ASIC) chips for bitcoin mining. It was established by Jihan Wu and Micree Zhan in 2013.
Before founding Bitmain, Wu was a monetary investigator and private value reserve administrator, and Zhan was running DivaIP, a startup that permitted clients to stream TV to a PC screen utilizing a set-top box.
By 2018, it had become the world’s biggest originator of utilization explicit incorporated circuit (ASIC) chips for bitcoin mining. The organization likewise works BTC.com and Antpool, verifiably two of the biggest digging pools for bitcoin. With an end goal to support Bitcoin Cash (BCH) costs, Antpool “consumed” 12% of the BCH they mined by sending them to hopeless locations.
Bitmain was supposedly beneficial in mid-2018, with a net benefit of $742.7 million in the central portion of 2018 and negative working income. TechCrunch detailed that unsold stock swelled to one billion dollars in the second quarter of 2018. Bitmain’s first item was the Antminer S1, an ASIC Bitcoin digger making 180 GH/s while utilizing 80–200 Watts force. Bitmain, starting in 2018, had 11 mining ranches working in China.
Bitmain was associated with the 2018 Bitcoin Cash split, siding on Bitcoin Cash ABC close by Roger Ver. In December 2018, the organization laid off about a portion of its 3000 staff. The organization has since shut its workplaces in Israel and the Netherlands while fundamentally scaling down its Texas mining activity.
In February 2019, Bitmain had lost “about $500 million” in the second from the last quarter of 2018. Bitmain gave an assertion saying, “the bits of hearsay are false, and we will make declarations at the appointed time.” In June 2018, Wu revealed to Bloomberg that Bitmain thought about an IPO to allow early financial backers to cash out. The organization finished its $1 billion pre-IPO enlistments with the Hong Kong Stock Exchange in August and petitioned for IPO in September.
Bitmain Technologies petitioned for IPO on September 26, 2018, with the Hong Kong administrative office and delivered their first open fiscal report when Bitcoin costs had dropped 65% from December 2017. The value drop had harmed mining equipment deals that represented 96% of the organization’s income. Bitmain will utilize a double class share structure. For Bitmain’s situation, this implies the offer held by the organization’s authors would consider ten votes.
On March 26, 2019, Bitmain’s application for a Hong Kong first sale of stock passed, a half year after it was documented, as financial backers were worried about the fall in Bitcoin’s worth. The organization gave an assertion saying it would “restart the posting application work at a suitable time later on.” Bitmain additionally reported that Haichao Wang would fill in as its new CEO, while prime supporters Micree Zhan and Jihan Wu will proceed as chiefs. As indicated by a Tencent News Report, after Bitmain’s bombed IPO endeavor in Hong Kong, Bitmain recorded an application in the United States trying to open up to the world once more.