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Bitmain is one of the largest Bitcoin mining companies based in Beijing and founded in the year 2013 by Jihan Wu. It recently completed its series B round of funding where it raised up to $400 million, making its net worth to clock $12 billion, as reported by a Chinese news outlet, Caixin, on the 6th day of July.

The company has seen an immense growth since its existence. It was able raise between $300 million to $400 million in the sequoia capital subsidiary sequoia China, U.S hedge fund coatue and Singapore-based governmental investment fund EDBI.

Last year September, the company also raised about $50 million in its already concluded series A funding round from Sequoia capital and IDG capital. Early last month, the company’s CEO, Jihan Wu made open to the public his intention to conduct an IPO (Initial Public Offering) in Hong Kong. He believes that this will enable early investors to contribute to the project and reap high when the project sees its green light in the future.

However, Bitmain’s main competitor, Canaan has already announced its plans to start an IPO in Hong Kong, this may pose a big threat to Bitmain’s plans or may be the beginning of success to the company, only time will tell. Canaan co-chairman, Jianping kong in an interview said that they will be extending their activities outside mainland China because he also believes that they are in for global business.

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