Bitmain Industries are one of the worlds illustrious Unicorn companies – that means that they have a net worth of over a billion dollars. In fact, their worth is closer to $12 billion dollars although they only broke the billion mark and joined the ranks of the elite earlier in 2018. Founded in 2013, this data management company has come quite some distance since its initial conception. Originally intended as a company to design ASIC chips for bit coin mining the company has grown and expanded in order to move with the times.
After the drop in value of Bitcoin last year it seems strange that a company associated with them should be declaring its billion-worth status at this point, but their ability to diversify and adapt is what has made Bitcoin Technologies into what it is today. Perhaps the ultimate example of how moving with the times can preserve the life of a company; we wanted to take a closer look at this giant and find out how it makes its fortune.
Bitmain Industries Limited
Bitmain was co founded by Jihan Wu and Micree Zhan who were former computer programmer and a financial analyst, Their idea was to create technology good enough to match and elevate Bitcoin mining, which they successfully did for a number of years. As demand fell away they also moved into operating BTC.com and Antpool. They filed for IPC in Hong Kong in September 3028 and have their headquarters in the same city. They are responsible for a number of technologies including the Lightning Network, POW, Cryptocurrency and Coinjoin.
Although this company is said to be a unicorn it operates at a negative income for the majority of the time, which is why they opened it up to the stock exchange. The way forward for them at the moment seems to be through the development of blockchain technology, which is an online data storage system that is faster and safer than anything previously known. Working with Bitcoin core software they are able to generate and adapt cryptocurrency to a substantial market, with varying degrees of success…as was evidenced through the fall of Bitcoin.
List of Services
Bitmain Industries operate some reportedly successful services:
- The production and operation of cryptocurrencies such as Bitcoin Gold, Bitcoin Classic and Bitcoin Unlimited.
- Produce software which facilitates the development of Blockchain technology.
- Operate the CoinJoin system.
- Run the Lightning Network.
- Operate P2p, POW and SHA-2 technologies.
- Run the Bitcoin Network.
With most of their wealth tied up in cryptocurrency Bitmain Industries also sourced investments from BlockChain Coatue Management, Sequoia Capital in China and IDG Capital it is hard to imagine that Bitmain are on their way out. They may have been behind Bitcoin but they are far from given up. It is worth noting that the internet is evolving in such a way that online payment and currency truly is the way forward. We can be almost one hundred percent certain that when the new currency of choice does arrive it will do it through Bitmain Technologies.
If you wish to learn more about this Unicorn then you can visit their website, here.