Bitmain valued at $ 12 billion after purchasing 600.000 mining chips

Bitmain is a private company based in Beijing, which designs application specific integrated circuit chips for the Bitcoin mining.

It is currently acquiring more and more mining chips which could allow the Chinese company itself to achieve a surprising profit 12 billions of dollars.

Bitmain evaluation at 12 billion dollars after the purchase of 600.000 chip mining - Bitmain purchase of 600.000 mining chip

Bitmain Technologies aims for 50% capacity

As revealed by the Chinese social media platform, WeChat the August 23, Bitmain - the largest producer of ASIC and specific hardware for mining Bitcoin and other cryptocurrencies - has acquired 600.000 mining chips.

According to reports from authoritative sources, the chips will be the latest updated 7nm variant, whose hash rate will be 50 tera hashes per second.

"Total network computing power for Bitmain will increase by 50%"And will allow the Chinese company to increase its valuation reaching i 12 billion dollars.

Last month, Bitmain Technologies and its rival Canaan Creative has traded over 5000 Application Specific Integrated Circuit Mining Rigs (ASIC) with Northern Bitcoin owned by a German operator.

Bitmain will launch a new IPO?

In the first two months of 2019, the Chinese company Bitmain reported losses of over $ 625 million. According to Bloomberg, Bitmain Technologies Ltd. plans to take advantage of the rise in Bitcoin value for re-launch your own IPO.

This is "confidential" news that comes from a group of industry experts: the Chinese company would be collaborating with a team of financial advisors to prepare for an IPO in the United States of America.

The IPO could already take place in the second half of the current year: Bitmain would be ready to provide all the necessary documentation to the SEC (Securities and Exchange Commission) as early as next month.

Bitmain Technologies Ltd: company profile

Bitmain Technology Holding provides large-scale computing software, high density server equipment and processing chips. Bitmain Holding serves users globally.

Founded in 2013 and headquartered in Beijing, the company has studied and built centers in the United States, Singapore and Hong Kong.

In addition, Bitmain is one of the top 10 in the world and the second largest developer in China.

In 2018 he was the world's largest ASIC chip designer (Application-specific Integrated Circuit) for the extraction of Bitcoin.

The Chinese company also manages e Antpool, two of Bitcoin's largest mining pools.

In an attempt to increase the listing of Bitcoin Cash (BCH), Antpool extracted the 12% of BCH by sending them to irrecoverable addresses.

In June 2018, the founder Jihan Wu reported to Bloomberg that Bitmain was considering an IPO to expand its production hardware.

The company completed the billion-dollar pre-IPO registration with the Hong Kong Stock Exchange in August and filed for the IPO in September.