Sequoia and IDG to Invest $50 Mln in Bitmain.

han Wu and Micree Zhan, authors of the Beijing-based Bitcoin mining organization Bitmain Technologies Ltd., respected another development this year. Sequoia and IDG have given the organization $50 mln in financing to help the organization's objective of making inventive chips for counterfeit consciousness, Bloomberg reports.

Bitmain Technologies Ltd. is known for its mining operations and cases that its own valuation is "in the billions." In August it was measuring a conceivable first sale of stock, despite the fact that it's not clear on the off chance that it can proceed with those plans now that China has viably made ICOs unlawful.

Bitmain additionally runs enormous Bitcoin mines and rents mining energy to different people and organizations. Altogether, the organization controls 29% of the hashing power that secures the Bitcoin arrange, to a great extent through their operation of the mining pool "Antpool."

With Sequoia and IDG subsidizing, Bitmain will have the capacity to proceed with their computerized reasoning tasks. Bitmain's up and coming counterfeit consciousness, Sophon, is set to challenge and rival other tech goliaths, for example, Google, AMD, and Nvidia. The objective of Sophon is to prepare neural systems utilized as a part of the extending server farms on the planet. Bitmain is taking a gander at propelling their own particular counterfeit consciousness before the finish of 2017.

sourcehttps://cointelegraph.com