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Bitmain, Reaches Stratospheric Valuation After Latest Funding Round

Bitmain, the biggest cryptocurrency mining business on the planet continues to achieve even higher heights. The top producer of application particular incorporated circuit (ASIC) bitcoin miners is now valued at $12 billion. This brand-new evaluation follows the just recently concluded series B financing round which understood $400 million for the business. There are likewise reports that Bitmain prepares to purchase a bulk stake in the upcoming Opera Ltd. IPO.

Worth$12 Billion

Regional Chinese media outlet, Caixin, reported that a corporation of financiers had the ability to raise $400 million in a brand-new financing round for the mining giant. China-based Sequoia Capital, U.S.-based Coatue hedge fund, and Singapore government-owned EDBI were the main financiers in the financing drive. Sequoia Capital was likewise associated with Bitmain’s series A financing back in July 2017 which raised $50 million.

Inning accordance with reports from the business, Bitmain may be carrying out an IPO quickly. Inside sources expose that Hong Kong would likely be the place for the offering. If the business does go through with such a strategy, it will sign up with fellow mining business Canaan Creative which revealed its IPO previously in the year.

Bitmain is likewise getting ready to buy the upcoming Opera Ltd. IPO. Opera is the business behind the eponymous web internet browser– Opera web web browser for desktop and smart devices. Inning accordance with reports, Bitmain wants to invest $50 million in purchasing the business’s shares throughout its $115 million IPO.

In a matter of 4 years, Bitmain has actually made itself turn into one of the most effective business in the blockchain market. The business apparently made revenues of about $3 billion to $4 billion in2017 Bitmain manages the marketplace for Bitcoin mining as the biggest producer of mining rig hardware.

Approaching 51 Percent Control of the Bitcoin Hashrate

Bitmain’s monopoly of the Bitcoin mining scene isn’t really limited to the manufacture of ASICs alone. The business likewise owns AntPool and BTC.com, the 2 biggest BTC mining swimming pools in addition to a managing stake in ViaBTC, the 3rd biggest mining swimming pool. Together all 3 permit Bitmain to method nearly 51 percent control of the Bitcoin mining hashrate. With such a level of control, the business might in theory control the BTC network. Bitmain has, nevertheless, preserved that it has no reward to perform such an attack, thinking about the sweeping monetary implications.

The business likewise just recently ended up beinga member of the 21 EOS block producers (BPs) EOS had actually dealt with a plethora of concerns because its mainnet launch last month. There are prevalent issues about an absence of decentralization in the task. Reports emerged just recently that stakeholders were attempting to produce a brand-new constitution for the task.

Will Bitmain have the ability to control 51 percent of the Bitcoin network hashrate? Do you believe Bitmain will have the ability to control the EOS mainnet? Keep the discussion entering the remark area listed below

Image thanks to Blockchain.com.

Bitmain, Reaches Stratospheric Valuation After Latest Funding Round

Article Title: Bitmain, Reaches Stratospheric Valuation After Latest Funding Round

Short Description: Bitmain, the biggest cryptocurrency mining business on the planet continues to achieve even higher heights. The top producer of application particular incorporated circuit (ASIC) bitcoin miners is now valued at $12 billion. This brand-new evaluation follows the just recently concluded series B financing round which understood $400 million for the business. There are likewise reports that Bitmain prepares to purchase a bulk stake in the upcoming Opera Ltd. IPO.

Author: Ravikash

Publisher - Orgnization: cryptotreat

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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