Bitmain’s Impressive Valuation Journey
Once just a startup aiming for the stars, Bitmain has rapidly skyrocketed to a staggering valuation of $15 billion! This leap follows a lucrative pre-IPO funding round, announced by QQ News. Not too shabby for a company whose initial plan might have been just to mine some bitcoins.
Big Players on Board
Backing this beast of a company are tech titans like Tencent and Softbank, making it a true heavyweight in digital currency mining. Tencent, known for bringing us WeChat—quite possibly the most packed app next to your mom’s photo library—led the charge with investment dollars. Softbank, fresh off of nourishing its Uber stake, decided Bitmain is worth a shot, showcasing their keen eye for tech talent.
What’s Next for Bitmain?
The Chinese frontrunner in Bitcoin mining isn’t finishing up any time soon. With plans to launch an IPO on the Hong Kong Stock Exchange this September, they’re setting the stage for a valuation of $30 billion. And trust us, that’s not just chump change.
Impressive Market Control
Back in the day—okay, 2018—Bitmain commanded a jaw-dropping 70-80 percent of the global market for Bitcoin mining hardware. They even outperformed American GPU juggernaut, Nvidia, raking in $3 to $4 billion in operating profits for the year, which sounds like all the pocket money I could ever dream of receiving. Talk about a flex!
Recent Earnings and Future Plans
As if that wasn’t enough excitement, Fortune reported that Bitmain pulled in around $1 billion in net profit in early 2018. You don’t even need a crystal ball to see why investors are all in on this tech smash hit.
The U.S. Expansion: A Bold Move
Not to stop at just dominating the charts, Bitmain is taking its ambitions to the United States. They’ve unveiled the construction of a $500 million blockchain data center and mining facility in Texas, aiming to be operational by early 2019—because why not take a little slice of the American pie?
