China’s biggest bitcoin miner in $1bn fundraising

in bitmain •  2 months ago

  • Bitmain, which is responsible for mining more than half of the world’s Bitcoin, is attempting to raise up to USD1bn in IPO funding before potentially pursuing an IPO, as it works towards its goal of reaching a valuation of USD30-40bn in the next three years. According to the company, it is currently valued at USD14bn.
  • Yet this is all taking place as Bitmain is being forced to bring down its prices, due to the Bitcoin price continuing to trend downwards. Bitcoin is now worth just roughly a third of its peak price in January.
  • The prices of the mining equipment being sold in many stores in Bitmain’s home nation of China, as such, have reportedly been marked down by ten times since December.

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