Chinese Bitcoin Mining Giant Bitmain Reportedly Raising $50m

Beijing-headquartered Bitmain, the world’s largest Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining hardware producer, is reportedly in the process of raising $50 million from technology-focused venture capital firms.

Learn how to buy Bitcoin and Ethereum safely with our simple guide!

Venture capital firms Sequoia Capital and IDG Capital are said to be investing in the Bitcoin mining giant, according to unnamed sources close to the matter cited by Bloomberg. Bitmain is said to be taking the VC funding approach in order to raise its profile among mainstream investors. The company is considered to be worth billions of dollars and might be looking at an IPO at some point in the future.

Sequoia Capital is an American VC firm headquartered in Menlo Park, California. Founded in 1972, Sequoia manages multiple investment funds including funds specific to India, Israel and China. IDG Capital Partners is a China-focused investment firm with offices in Hong Kong, Beijing, Shanghai, Guangzhou, Shenzhen, Silicon Valley and Boston.

Earlier this year Bitmain announced the launch of ConnectBTC – its latest Mining Pool Mining Pool A mining pool is a group of cryptocurrency miners that look to combine their hash power and computing potential to increase the chance that they will earn mining rewards. Crypto miners are presented with choices, either working with others and splitting a higher probability reward among pool members, or going solo with a decreased chance for a bigger reward.With cryptos such as Bitcoin for example, it is simply not plausible for a normal person operating with their own computer to make a profit A mining pool is a group of cryptocurrency miners that look to combine their hash power and computing potential to increase the chance that they will earn mining rewards. Crypto miners are presented with choices, either working with others and splitting a higher probability reward among pool members, or going solo with a decreased chance for a bigger reward.With cryptos such as Bitcoin for example, it is simply not plausible for a normal person operating with their own computer to make a profit Read this Term. The pool is developed and operated by Bitmaintech Israel, Bitmain’s first R&D center outside of China. Following on that, we exclusively reported that the company is actively looking for artificial intelligence experts to establish an AI R&D center in Israel. Leveraging its engineering prowess for AI applications could become Bitmain’s first major business avenue outside the Bitcoin world.