Sequoia Capital May Invest $400 in Bitmain

The financing was made in preparation for Bitmain to launch the IPO, after which the company's investment valuation rose to $ 12 billion

12 June 2018 1208

Leading manufacturer of mining equipment Bitmain Technologies received $ 400 million from the Chinese division of venture capital firm Sequoia Capital. This is reported by China Money Network.

According to the publication, the financing was made in preparation for Bitmain to launch the IPO, after which the company's investment valuation rose to $ 12 billion.

Also, the publication confirms the intention of the company to conduct an IPO in Hong Kong. It is expected that Bitmain will enter the stock market in September, and before the end of 2018 the company's capitalization will grow to levels between $ 30 billion - $ 40 billion.

There have been no official comments from Bitmain at the moment.

Bitmain Technologies Ltd was founded in 2013 and is the largest producer of equipment for mining using ASIC technology. It also plans to expand its operations to artificial intelligence market.

In June, the co-founder of the company, Cihan Wu, confirmed that Hong Kong, or some other foreign market, where shares are traded in US dollars, is considered for an IPO. Then he named Sequoia Capital and IDG Capital among potential investors

Mining Blockchain

Iceland Farm Thief to be Sentenced to 4.5 Years

He was able to escape to Amsterdam in April 2018, using prison's window

22 January 2019 75

Icelandic Sindri Tor Stefansson, who was previously charged with theft of bitcoin mining equipment for more than $ 2 million, was sentenced to 4.5 years in prison. Six of his accomplices also received various prison sentences. This is reported by local media.

In addition, convicts will have to pay more than $ 200,000 in compensation in favor of the affected mining company Advania.

In March 2018, Stefansson and his accomplices committed one of the largest robberies in Iceland's history, stealing more than 600 full-featured mining farms from Bitmain.

Police detained the robbers in the same month. However, in April, Sindri Thor Stefansson managed to escape from Icelandic prison and flew to Stockholm and then to Amsterdam, using cell phone and fake ID.

Less than a week later, police detained Stefansson in Amsterdam, after which he was extradited to Iceland, where he was brought to justice.