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Bitmain
Bitmain Technologies Ltd., is a privately owned company headquartered in Beijing, China, that designs application-specific integrated circuit (ASIC) chips for bitcoin mining.
It was founded by Micree Zhan and Jihan Wu in 2013. Prior to founding Bitmain, Zhan was running DivaIP, a startup that allowed users to stream television to a computer screen via a set-top box, and Wu was a financial analyst and private equity fund manager.
By 2018 it had become the world's largest designer of application-specific integrated circuit (ASIC) chips for bitcoin mining. The company also operates BTC.com and Antpool, historically two of the largest mining pools for bitcoin. In an effort to boost Bitcoin Cash (BCH) prices, Antpool "burned" 12% of the BCH they mined by sending them to irrecoverable addresses. Bitmain was reportedly profitable in early 2018, with a net profit of $742.7 million in the first half of 2018, and negative operating cash flow. TechCrunch reported that unsold inventory ballooned to one billion dollars in the second quarter of 2018. Bitmain's first product was the Antminer S1 which is an ASIC bitcoin miner making 180 gigahashes per second (GH/s) while using 80–200 watts of power. Bitmain as of 2018 had 11 mining farms operating in China. Bitmain was involved in the 2018 Bitcoin Cash split, siding with Bitcoin Cash ABC alongside Roger Ver. In December 2018 the company laid off about half of its 3000 staff. The company has since closed its offices in Israel and the Netherlands, while significantly downsizing its Texas mining operation. In February 2019, Bitmain had lost "about $500 million" in the third quarter of 2018. Bitmain issued a statement saying "the rumors are not true and we will make announcements in due course."
In June 2021, suspended spot delivery of sales of machines globally aiming to support local prices following Beijing's crackdown.
In June 2018, Wu told Bloomberg that Bitmain was considering an IPO, to give early investors a chance to cash out. The company completed its $1 billion pre-IPO registration with the Hong Kong Stock Exchange in August, and filed for IPO in September.
Bitmain Technologies filed for IPO on 26 September 2018 with the Hong Kong regulatory agency and released their first public financial statement at a time where bitcoin prices had dropped 65% from December 2017. The price drop had hurt mining hardware sales that accounted for 96% of the company's revenue. Bitmain will use a dual class share structure. In Bitmain's case, this means the share held by company's founders would count as 10 votes.
On 26 March 2019, Bitmain's application for a Hong Kong initial public offering lapsed, six months after it was filed, as investors were reportedly concerned about the fall in bitcoin's value. The company issued a statement saying it would "restart the listing application work at an appropriate time in the future." Bitmain also announced that Haichao Wang would serve as its new CEO, while co-founders Micree Zhan and Jihan Wu will continue as directors.
According to a Tencent News Report, after Bitmain's failed IPO attempt in Hong Kong, Bitmain filed an application in the United States seeking to go public again.
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Bitmain
Bitmain Technologies Ltd., is a privately owned company headquartered in Beijing, China, that designs application-specific integrated circuit (ASIC) chips for bitcoin mining.
It was founded by Micree Zhan and Jihan Wu in 2013. Prior to founding Bitmain, Zhan was running DivaIP, a startup that allowed users to stream television to a computer screen via a set-top box, and Wu was a financial analyst and private equity fund manager.
By 2018 it had become the world's largest designer of application-specific integrated circuit (ASIC) chips for bitcoin mining. The company also operates BTC.com and Antpool, historically two of the largest mining pools for bitcoin. In an effort to boost Bitcoin Cash (BCH) prices, Antpool "burned" 12% of the BCH they mined by sending them to irrecoverable addresses. Bitmain was reportedly profitable in early 2018, with a net profit of $742.7 million in the first half of 2018, and negative operating cash flow. TechCrunch reported that unsold inventory ballooned to one billion dollars in the second quarter of 2018. Bitmain's first product was the Antminer S1 which is an ASIC bitcoin miner making 180 gigahashes per second (GH/s) while using 80–200 watts of power. Bitmain as of 2018 had 11 mining farms operating in China. Bitmain was involved in the 2018 Bitcoin Cash split, siding with Bitcoin Cash ABC alongside Roger Ver. In December 2018 the company laid off about half of its 3000 staff. The company has since closed its offices in Israel and the Netherlands, while significantly downsizing its Texas mining operation. In February 2019, Bitmain had lost "about $500 million" in the third quarter of 2018. Bitmain issued a statement saying "the rumors are not true and we will make announcements in due course."
In June 2021, suspended spot delivery of sales of machines globally aiming to support local prices following Beijing's crackdown.
In June 2018, Wu told Bloomberg that Bitmain was considering an IPO, to give early investors a chance to cash out. The company completed its $1 billion pre-IPO registration with the Hong Kong Stock Exchange in August, and filed for IPO in September.
Bitmain Technologies filed for IPO on 26 September 2018 with the Hong Kong regulatory agency and released their first public financial statement at a time where bitcoin prices had dropped 65% from December 2017. The price drop had hurt mining hardware sales that accounted for 96% of the company's revenue. Bitmain will use a dual class share structure. In Bitmain's case, this means the share held by company's founders would count as 10 votes.
On 26 March 2019, Bitmain's application for a Hong Kong initial public offering lapsed, six months after it was filed, as investors were reportedly concerned about the fall in bitcoin's value. The company issued a statement saying it would "restart the listing application work at an appropriate time in the future." Bitmain also announced that Haichao Wang would serve as its new CEO, while co-founders Micree Zhan and Jihan Wu will continue as directors.
According to a Tencent News Report, after Bitmain's failed IPO attempt in Hong Kong, Bitmain filed an application in the United States seeking to go public again.