23:59
+12 C°
Traffic jam:   2
$
76.9808
92.2307

Description

Bitmain Technologies Ltd., or Bitmain, is a privately owned company headquartered in Beijing, China that designs application-specific integrated circuit (ASIC) chips for bitcoin mining.

History

It was founded by Jihan Wu and Micree Zhan in 2013. Prior to founding Bitmain, Wu was a financial analyst and private equity fund manager and Zhan was running DivaIP, a startup that allowed users to stream television to a computer screen via a set-top box.

By 2018 it had become the world's largest designer of application-specific integrated circuit (ASIC) chips for bitcoin mining. The company also operates BTC.com and Antpool, historically two of the largest mining pools for bitcoin. In an effort to boost Bitcoin Cash (BCH) prices, Antpool "burned" 12% of the BCH they mined by sending them to irrecoverable addresses.

Bitmain was reportedly profitable in early 2018, with a net profit of $742.7 million in the first half of 2018, and negative operating cash flow. TechCrunch reported that unsold inventory ballooned to one billion dollars in the second quarter of 2018.

Bitmain's first product was the Antminer S1 which is an ASIC Bitcoin miner making 180 GH/s while using 80-200 Watts of power.

Bitmain as of 2018 had 11 mining farms operating in China.

Bitmain was involved in the 2018 Bitcoin Cash split, siding on the side of Bitcoin Cash ABC alongside Roger Ver.

In December 2018 the company laid off about half of its 3000 staff. The company has since closed its offices in Israel and the Netherlands, while significantly downsizing its Texas mining operation.

In February 2019, Bitmain had lost “about $500 million” in the third quarter of 2018. Bitmain issued a statement saying “the rumors are not true and we will make announcements in due course.”

Rating GlobalNY.biz

Take place
general
№327
general
Take place
area
№38
area

Mentions in the news

View all

Discussion

NEW YORK COMPANIES


New York business portal GlobalNY.biz includes a huge directory of organizations operating in New York. Here you can easily find all the necessary information about the company. The organization card contains a full info page with a detailed description of the company's activities, logo, contact details and a link to the organization's official website. The reader can also immediately familiarize himself with the staff of the company, see the latest press releases and news block, and also see what line of the rating the company occupies. The rating of a member of the GlobalNY.biz business portal is calculated based on the number of mentions in the New York news and posted press releases containing information about the organization's activities and its achievements. You can also rise in the rating by publishing vacancies, as well as the number of registered persons. At the same time, company representatives can independently see how many times the company's card has been viewed on GlobalNY.biz, as well as promptly correct the information.
We pay special attention to the multifunctionality of the "Companies" section. For your convenience, there is a search box, as well as an industry heading.
New York Business Portal is always up-to-date database of New York enterprises!
Alena Potapova

Development Director