Bitmain May Raise Additional $1B Before IPO

Bitmain is the largest manufacturer of mining equipment in the world, and its market share is 3-5 times higher than the nearest competitor, Canaan
23 July 2018   1127

The Chinese mining giant Bitmain is supposedly going to raise another $ 1 billion after he successfully completed the round of financing for the B series, during which it received $ 300 million - $ 400 million with the support of Sequoia Capital. This is reported by 8btc.

According to their information, the new round of fund raising will be completed by the end of the month and will raise the company's estimate to $ 15 billion. Bitmain is preparing to conduct an initial public offering (IPO) on the Hong Kong Stock Exchange, expecting to apply for listing in August and campaigning at the end of the year.

Bitmain is the largest manufacturer of mining equipment in the world, and its market share is 3-5 times higher than the nearest competitor, Canaan. Mining pools of Bitmain account for almost 50% of the computing resources of the bitcoin network.

The previous round of financing was led by Sequoia Capital, the American hedge fund Coatue and the Singapore state investment fund EDBI. The firm also raised $ 50 million in a series A round that took place last September.

Founder of Bitmain Cihan Wu said that in 2017 his company earned $ 2.5 billion, which is 8 times higher than in 2016.

Bitmain to Close Norwegian Office

Main reason for this decision was the cancellation by the local authorities of special preferential conditions for the mining industry
18 March 2019   61

The Chinese manufacturer of mining equipment Bitmain announced the closure of the Norwegian division, according to ICOshock.

The office will be moved to Germany, where, according to representatives of Bitmain, the conditions are more favorable. The Scandinavian office of a Chinese company lasted only a year.

According to Julie Hvideberg, ex-manager of the Norwegian division of Bitmain, the main reason for this decision was the cancellation by the local authorities of special preferential conditions for the mining industry, including lower electricity tariffs. She also expressed the opinion that in the future the largest mining pools will be concentrated in China and Russia, where there is low-cost electricity.

Last year the problem with problems with regulators was faced by the Norwegian mining farm Kryptovault. Authorities and local residents considered the company too noisy.