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BitMain Valued at $12 Billion

bitmain website homepage

It has been reported that Bitmain, the Chinese cryptocurrency mining giant and owner of Antpool, is now valued at $12 billion following a recent fundraising round.

The new funding round raised approximately $400 million from Sequoia China, Singapore fund EDBI and US hedge fund Coatue. This follows on from its first funding round last September that raised $50 million for the company.

BitMain is the world’s largest producer of ASICS mining machines, the most popular cryptocurrency mining hardware. It was founded in 2013 and as of February this year reportedly supplies around 75 percent of global crypto mining equipment.

CEO Jihan Wu announced plans last month to launch an initial public offering (IPO) in Hong Kong that would allow investors to cash in funds. This mimics a similar claim made by Bitmain rival Canaan Creative who also stated its intentions to launch an IPO in Hong Kong back in May this year.

Expanding Interests

Bitmain is also expected to invest $50 million in the upcoming IPO of popular internet browser Opera, netting them approximately 43% of total shares in the company. The browser is used by around 300 million people on average and is popular amongst users looking for added security as it offers a built-in VPN and ad-blocker.

Recently Bitmain has been in the news for the controversial claims that it may soon be able to control over 50 percent of the Bitcoin hashrate, making the network vulnerable to a 51 percent attack. This has further fuelled discussions on just how decentralized the network really is.

In other news, Antpool was announced as one of the 21 Block Producers for the EOS network on July 3rd. This gives Bitmain even greater influence over the top five blockchain networks.

Image From Shutterstock

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