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Bitmain planning an $18 billion IPO followed by global domination of chips and AI

•, brian wang

Bitmain closed a $1 billion pre-IPO financing round on July 23 at a $15 billion valuation. This was nearly double the $8 billion valuation for Coinbase.

Sequoia Capital China had led Bitmain's $50 million Series A and $400 million Series B rounds with the help of San Francisco's IDG Capital, Menlo Park's Coatue Management, Russia's DST Global and Singapore's EDBI and GIC.

Bitmain has over $2 billion in profits and made over $10 billion from bitcoin holdings

Bitmain had profits of
$100 million in 2016
$1 billion in 2017
$2-2.5 billion estimated profits in 2018

In 2017, Bitmain machines accounted for 66.6% of the total mining volume and Bitmain-run cryptocurrency mining pools covered 40% of the total mining network.

The 2018 IPO prospectus indicates,, the largest mining pool in the world, counted over 560,000 machines that mined approximately 11,200 out of 36,000 total bitcoin blocks. The second largest mining pool AntPool served more than 440,000 machines for bitcoin and alternative cryptocurrencies.

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