Introduction:
Beijing, China-based Bitmain Technologies Ltd. is a privately held business that creates application-specific integrated circuit (ASIC) chips for bitcoin mining. Through its brand ANTMINER, which has long maintained a global market share and a leading position in technology, BITMAIN is the world’s top manufacturer of cryptocurrency mining servers, servicing clients in more than 100 countries and regions.
The business has subsidiaries in a number of countries, including Kazakhstan, Singapore, Malaysia, China, and the United States.
About Bitmain Technologies:
ASIC (application-specific integrated circuit) chips are created by Bitmain Technologies Limited, a bitcoin miner. The Company runs platforms for mining pools, cloud computing, blockchain financial services, and service providers. International clients are served by Bitmain Technologies. In order to create and market bitcoin miners utilizing Bitmain’s ASIC chip technology, Bitmain Technologies was founded.
In order to provide the global blockchain network with cutting-edge computing infrastructure and solutions, BITMAIN delivers cutting-edge technology in power efficiency. Since its founding in 2013, ANTMINER BTC miners’ hashrates have climbed by three orders of magnitude and their power efficiency has increased by two orders of magnitude. The goal of BITMAIN is to improve the online environment.
Bitmain Technologies Founder & Team:
Micree Zhan and Jihan Wu launched it in 2013. Zhan was the CEO of DivaIP, a firm that let people broadcast television to a computer screen using a set-top box, and Wu was a financial analyst and private equity fund manager before they founded Bitmain.
Bitmain Technologies History:
It had risen to become the largest application-specific integrated circuit (ASIC) chip designer in the world by 2018. The business also runs BTC.com and Antpool, two of the biggest bitcoin mining pools in the past. Antpool “burned” 12 percent of the Bitcoin Cash (BCH) they mined by sending it to unrecoverable addresses in an effort to raise BCH prices.
According to reports, Bitmain was profitable in the first half of 2018, posting a net profit of $742.7 million despite having a negative operating cash flow. In the second quarter of 2018, unfilled inventory rose to $1 billion, according to TechCrunch. The Antminer S1, an ASIC Bitcoin miner that produces 180 GH/s while consuming 80–200 Watts of electricity, was Bitmain’s first offering.
There were 11 mining farms run by Bitmain in China as of 2018. When Bitcoin Cash split in 2018, Bitmain and Roger Ver supported Bitcoin Cash ABC. Nearly half of the Company’s 3000 employees were let go in December 2018. Since then, the business has shut down its operations in Israel and the Netherlands and drastically scaled up its mining operation in Texas.
In the third quarter of 2018, according to data from February 2019, Bitmain lost “approximately $500 million.” The rumors are untrue, and we will make announcements in due course, according to a statement from Bitmain. Following Beijing’s crackdown, spot deliveries of machines were banned globally in June 2021 in an effort to boost local pricing.
Wu revealed to Bloomberg in June 2018 that Bitmain was thinking about doing an IPO to allow early investors to get their money back. The Company filed for its initial public offering (IPO) in September after concluding its $1 billion pre-IPO registration with the Hong Kong Stock Exchange in August.
On September 26, 2018, Bitmain Technologies filed for an initial public offering with the Hong Kong regulatory body and presented its first financial report at a time when the price of bitcoin had fallen by 65 percent since December 2017. Sales of mining hardware, which accounted for 96% of the Company’s income, were harmed by the price decline. The dual-class share structure will be used by Bitmain. This means that in the instance of Bitmain, the founders’ shares would tally as ten votes.
Six months after it was submitted, on March 26, 2019, Bitmain’s application for a Hong Kong initial public offering expired because, according to reports, investors were worried about the decline in the value of Bitcoin. In a statement, the corporation promised to “restart the listing application work at a suitable period in the future.”
In addition, Bitmain declared that Haichao Wang would take over as its CEO, with co-founders Micree Zhan and Jihan Wu remaining on the board of directors. According to a Tencent News Report, Bitmain submitted an application in the US trying to re-list after its Hong Kong IPO effort was unsuccessful.
Bitmain Technologies Name & Logo:
Bitmain Technologies Highlight:
| Company Name | Bitmain Technologies |
| Founders | Micree Zhan and Jihan Wu |
| Started at | 2013 |
| Competitors | asicminervalue.com, antminerdistribution.com, wattummanagement.com, viperatech.com |
| Website | https://www.bitmain.com/ |
| Revenue | $8-9 billion |
| Country | China |
| Customer care Email | Not Known |
| Customer care Contact details | Not Known |
| Company Valuation | $9 billion |
| Industry | Crypto |
| Headquarters | Beijing, China |
Bitmain Technologies Revenue:
As demand for mining equipment soared during the previous ten years, Bitmain, the world’s top producer of digital currency mining servers, is said to have ended 2021 with revenue worth $8–9 billion.
Bitmain Technologies Funding & Investors:
Fourteen investors are funding Bitmain. The most recent investors are Temasek Holdings and Crimson Ventures. The 39 investments made by Bitmain. On December 3, 2021, Zhongke Microelectronics Technology raised its most recent investment, making it the third exit for Bitmain.
Bitmain Technologies Business Model:
In order to create a “Business Symbiosis,” BITMAIN integrates several business models to connect buyers and sellers. This empowers the global blockchain community to increase computational power steadily and sustainably.
Three after-sales techniques are offered by BITMAIN: on-site miner repair, miner repair (shipping), and after-sales advance replacement service.
In order to prevent losses from customers’ incapacity to mine during the maintenance time based on two possibilities, the ASAR service strategy offers clients alternate miner solutions during the maintenance period. A deposit-based ASAR service is the first, while a credit-based ASAR service is the second.
Regardless of whether BITMAIN has received the customer’s miner or not, if a customer chooses our ASAR service, BITMAIN will ship one new miner to the customer from our national spare parts warehouse (HUB warehouse) within 1-2 business days after receiving the shipping information.
- BITMAIN is dedicated to offering cutting-edge computing infrastructure and solutions to clients and international blockchain networks.
- Since its 2016 release, the ANTMINER S9 has operated continuously, demonstrating the high quality of ANTMINER products.
- Together with its suppliers, BITMAIN has been able to maintain a constant production capacity throughout market volatility. These suppliers offer cutting-edge technologies and superior products.
- Following the R&D principle of “Quality by Design,” BITMAIN places a high value on product quality from the start of the development process.
- Create a global after-sales service network and offer consumers quick support around-the-clock.
- Improve client relationships, set up global HUB warehouses, and hasten the after-sales logistics turnaround time.
Services Offered thru Bitmain Technologies:
ASIC (application-specific integrated circuit) chips are created by Bitmain Technologies Limited, a bitcoin miner. The Company runs platforms for mining pools, cloud computing, blockchain financial services, and service providers.
Bitmain Technologies Controversies:
In 2015, Bitmain filed a lawsuit against one of the top bitcoin trading platforms in the world, becoming the first cryptocurrency-related case to be heard in Hong Kong’s High Court (High Court Action No. HCA 1980 of 2015). Bitmain charged “negligence and/or security problems” with the trading platform. At the start of the proceedings, Bitmain’s claim was worth approximately RMB 700,000.
In 2017, Bitmain filed a lawsuit for patent infringement against Zuoxing Yang, a former chip design director who left Bitmain to found Bitewei. A Chinese court granted Yang’s successful request to have the patent canceled in 2018; as a result, Bitmain’s case was dropped.
For Gevorkyan, a resident of Los Angeles County, filed a $5 million class action lawsuit against Bitmain in 2018, alleging that Bitmain used its customers’ equipment to mine cryptocurrency for its own gain. The Plaintiffs in this case claim that Bitmain is profiting unlawfully from the protracted “initialization” period required for the setup of its ASIC [Application-Specific Integrated Circuit] devices: “Until the difficult and time-consuming initialization procedures are finished, Bitmain’s ASIC [Application-Specific Integrated Circuit] devices are preconfigured to use its customers‘ electricity to generate cryptocurrency for Bitmain rath.”
2018 saw another legal battle between Bitmain and a Labrador mining operation. Bitmain Technologies filed a lawsuit against Great North Data, alleging issues with the two companies’ contracts from the beginning. Bitmain creates and manufactures miners, using third-party “mining farms” to run parts of its gear. Companies like Bitmain can install and run their bitcoin mining hardware on space provided by Great North Data.
In an effort to retake control of Bitmain, the expelled co-founder Micree Zhan filed many lawsuits against various Bitmain businesses in the Cayman Islands and China in or around November 2019. An asset-protection petition was filed alongside the lawsuit in China, and the PRC Court concurred with Zhan to order the freezing of 36 percent of Bitmain’s 10 million yuan incorporated shares in Fujian Zhanhua, or $500,000. This situation brought to light what seems to be a continuous struggle for control of Bitmain between its two founders.
Bitmain Technologies Awards & Recognition:
The blockchain industry nowadays and academic institutions agree that PoW by Bitmain is by far the best decentralized technological consensus mechanism in human history.
Bitmain Technologies Competitors:
bitmain.com’s top 5 competitors in August 2022 are asicminervalue.com, antminerdistribution.com, wattummanagement.com, viperatech.com, and more.
Bitmain Technologies Latest News:
After suffering significant losses in July, crypto assets bottomed out and steadied, but we believe that the crypto winter will continue. As a result, we project a bear case average BTC price of $35K in 2022 and $25K in 2023. At the same time, we forecast that the average BTC price will reach $45K in 2025 and $50K in 2026.
Bitmain Technologies Future Plans:
BITMAIN will keep working to increase the energy efficiency of its chips in the future. The business will offer improved mining.
FAQs about Bitmain Technologies:
How long does Bitmain last?
For instance, the Bitmain Antminer S19 Pro, the most recent antminer, is predicted to last for more than five years. The Antminer S9 and other antminer models have a three-year lifespan.
Can I buy stock in Bitmain?
The U.S. Securities and Exchange Commission received a confidential filing from Bitmain for an initial public offering (IPO) at the end of 2019. (SEC). However, Bitmain is still a privately held firm as of January 17, 2021.
What is Bitmain worth?
Crypto Mining Giant Bitmain Is Going Public With a $40 to $50 Billion Valuation.
Who are Bitmain competitors?
It competes with Istok, Jiangsu Jiejie Microelectronics, Coinmine, Bitfury, and Canaan, as well as other businesses of a similar nature.
What can you mine with Bitmain?
Produced by Bitmain, the s17 is for mining SHA-256 algorithms like Bitcoin, Bitcoin Cash, and Bitcoin BSV. In fact, you can use this device to mine over 40 coins, most of which are still profitable to mine with it.
What is Bitmain used for?
Bitmain is a bitcoin miner and designer of ASIC chips. It also operates the largest cryptocurrency mining pools worldwide—Antpool. com, BTC.com.
How many miners does Bitmain have?
Slushpool has about 200,000 miners. They have 12% of the network hash rate. Assuming all pools have similar numbers, there are likely to be over 1,000,000 unique individuals mining bitcoins.
Where is Bitmain manufactured?
Bitmain Technologies Ltd. is a privately owned company headquartered in Beijing, China, that designs application-specific integrated circuit (ASIC) chips for bitcoin mining.
How much electricity does a Bitmain miner use?
energy consumption for bitcoin mining was at its highest at the end of 2021 and the early months of 2022, consuming more than 200 terawatt-hours.
Who runs Bitmain?
Bitmain Founder Jihan Wu Setting Up $250M Fund to Buy Distressed Bitcoin Mining Assets: Report.
Conclusion:
Bitmain Technologies offers exceptional computational products and services as the top blockchain manufacturer for PoW computing servers in the globe. In order to create a successful and more environmentally friendly PoW world, BITMAIN will work to improve the ecology and support the community.
My name is Sai Sandhya, and I work as a senior SEO strategist for the content writing team. I enjoy creating case studies, articles on startups, and listicles.
Disclaimer -We have collected this information from our direct sources, various trustworthy sources on the internet and the facts have been checked manually and verified by our in-house team.