The King of Bitcoin Mining — Bitmain

Bitmain is expected to be listed on Hongkong exchange at the end of this year, with an IPO valuation of around $30–35 billion. In the first quarter of 2018, the revenue and net profit of Bitmain are $1.87 and $1.14 billion respectively, which is roughly the same as that of the whole year of 2017. So how did Bitmain stand out among more than 4,000 blockchain-related companies in China?

Development History

Bitmain is a Chinese IC design company founded in early 2013, focusing on the R&D and marketing of Bitcoin high-speed, low-energy consumption, dedicated mining chips and machines. It strives to further advance the decentralization process of bitcoin through a more cost-effective mining machine.

Core Team

The core team of the company consists of IC technology team, Bitcoin experts, venture capital experts and entrepreneurs. At the same time, it has established long-term partnerships with experts and scholars from various fields and universities. Its founder Wu Jihan has already been active in the cryptocurrency circle as early as 2011, and is recognized as a bitcoin preacher in blockchain industry. Wu jihan is the first person to translate Satoshi Nakamoto’s Bitcoin White Paper into Chinese, and founded Babbitt, Chian’s first blockchain information community portal, which is the leader of China’s blockchain industry.

Main Business

1. the underlying protocol support — BTC.com;

2. hardware support — Antminer;

3.SHA256 customized solution for high-speed integrated computing — Antpool;

4. cloud computing services for overseas users — HashNest.

With the maturity of ASIC customization technology and the advantages of integrated circuit design and production, Bitmain actively expands artificial intelligence hardware and software products, develops a series of products and services, such as in-depth learning accelerator and server, in-depth learning cloud platform, and extends the cloud infrastructure and artificial intelligence computing.

Business Layout

In addition, Bitmain adopts a global strategic layout. The company is mainly based in Beijing and establishes R&D centers in Chengdu, Qingdao, Shenzhen, Wuhan and other cities. At the same time, they have branches in Hong Kong, California, Tel Aviv, Israel, Amsterdam, the Netherlandsand so on.

Industry Status

With its global strategic layout and high-precision business capabilities, Bitmain controls more than 75% of the SHA256 ASIC miner market share. Three of the top 10 miners in the world belong to Bitmain, which controls more than 60% of the world’s Bitcoin computing power. Bitmain is absolutely the leader in the global production of Bitcoin miners.

According to the industry report, the average growth rate of blockchain hardware demand is estimated to be 66% in 2018–2022. In China and other countries and regions, the sales revenue of mining machinery reached more than 90% of the total sales revenue of Bitmain in 2017. Therefore, Bitmain is expected to become one of the “ecological shapers” of the future blockchain industry.