Chinese software and hardware company Bitmain Technologies Ltd., is a independently owned company headquartered in Beijing, China that styles application-specific integrated circuit (ASIC) chips for bitcoin mining. History [modify] It was founded by Micree Zhan and Jihan Wu in 2013. Prior to establishing Bitmain, Wu was a financial analyst and personal equity fund manager and Zhan was running Queen, IP, a start-up that enabled users to stream tv to a computer screen via a set-top box.
The company likewise operates and Antpool, traditionally two of the largest mining swimming pools for bitcoin. In an effort to improve Bitcoin Cash (BCH) costs, Antpool "burned" 12% of the BCH they mined by sending them to irrecoverable addresses. Bitmain was reportedly profitable in early 2018, with a net earnings of $742.
Tech, Crunch reported that unsold inventory ballooned to one billion dollars in the 2nd quarter of 2018. Bitmain's first product was the Antminer S1 which is an ASIC Bitcoin miner making 180 GH/s while utilizing 80200 Watts of power. Bitmain as of 2018 had 11 mining farms operating in China.
In December 2018 the company laid off about half of its 3000 staff. The company has actually since closed its workplaces in Israel and the Netherlands, while substantially downsizing its Texas mining operation. In February 2019, Bitmain had lost "about $500 million" in the 3rd quarter of 2018. Bitmain released a statement saying "the reports are not true and we will make announcements in due course." In June 2021, suspended spot shipment of sales of devices internationally intending to support regional rates following Beijing's crackdown.
The company completed its $1 billion pre-IPO registration with the Hong Kong Stock Market in August, and declared IPO in September. miners-bitcoin(maxwell) applied for IPO on September 26, 2018 with the Hong Kong regulative company and released their first public financial statement at a time where Bitcoin rates had actually dropped 65% from December 2017.
Bitmain will use a dual class share structure. In Bitmain's case, this suggests the share held by business's creators would count as 10 votes. On March 26, 2019, Bitmain's application for a Hong Kong going public lapsed, 6 months after it was filed, as financiers were reportedly concerned about the fall in Bitcoin's worth.
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