What is Bitmain & how does Bitmain work?

Bitmain is a vertically-integrated company. It makes its own chips for mining rigs, which are sold to end customers. It also uses them in equipment for cryptocurrency mining farms. Bitmain is a dominant player in the mining equipment business. It has been estimated that Bitmain controls as much as 80% of the market for bitcoin mining equipment.

Who is the Mighty Bitmain?

The Mighty Bitmain. Bitmain, formally known as Bitmain Technologies Ltd., is a bitcoin miner, designer of ASIC chips, and operator of one of the largest Bitcoin mining pools headquartered in Beijing, China. If you keep up with cryptocurrency news, you’ve probably heard the name Bitmain by now.

How much money does Bitmain make a year?

Industry analysts have a more optimistic take on Bitmain’s prospects. In February this year, Bernstein Research estimated that Bitmain is generating profits of as much as $3 billion per year. Bitmain is a vertically-integrated company. It makes its own chips for mining rigs, which are sold to end customers.

Did Bitmain go public?

Cryptocurrency mining giant Bitmain Technologies Ltd. filed for an initial public offering (IPO) in September 2018. Although Bitmain closed its pre-IPO round with $1 billion (valuing the firm at $15 billion post-deal), the company ultimately failed in its attempt to go public on the Hong Kong Stock Exchange (HKEX).