The world’s largest cryptocurrency mining equipment maker, Bitmain was founded in 2013 by Wu Jihan, who was known for translating Satoshi Nakamoto’s seminal whitepaper on Bitcoin into Chinese. The company specialises in the design of application-specific integrated circuits (ASICs) and hardware for crypto mining. Under the Antminer brand, its rigs have powered as much as 75% of the global market and the company also operates the world’s largest cryptocurrency mining pools, Antpool.com and BTC.com, which have accounted for about a quarter of the Bitcoin network’s computing power between them.
Bitmain’s financial health has tracked Bitcoin prices. During a previous bull run in 2018, Bitmain recorded 937% year-on-year growth in revenue, see here. But Bitmain didn’t surf the wave of Bitcoin’s record-breaking surge in early 2021 in quite the same way after management infighting over whether to take the company more directly into the realm of artificial intelligence. The disagreement reportedly derailed a plan to go public in 2019 and Bitmain’s valuation has fallen sharply over the last year, partly in response to the Chinese government’s ban on cryptocurrency mining.
© ChinTell Ltd. All rights reserved.
Sponsored by HSBC.
The Week in China website and the weekly magazine publications are owned and maintained by ChinTell Limited, Hong Kong. Neither HSBC nor any member of the HSBC group of companies ("HSBC") endorses the contents and/or is involved in selecting, creating or editing the contents of the Week in China website or the Week in China magazine. The views expressed in these publications are solely the views of ChinTell Limited and do not necessarily reflect the views or investment ideas of HSBC. No responsibility will therefore be assumed by HSBC for the contents of these publications or for the errors or omissions therein.