Bitcoin [BTC] mining company Bitmain completes Series B funding round, alleged IPO to follow

According to sources, Bitmain, the Chinese Bitcoin [BTC] mining company, has recently closed a Series B funding round. This values the firm at $16 billion.

The news emerged from the Chinese business media outlet Caixin, which reported earlier today that Bitmain had new equity funding. The article, which cited sources familiar with the deal, said that the funding was somewhere in the range of $300 million to $400 million.

A pre-IPO funding round is reportedly being conducted with potential considerations to go public on the Hong Kong Stock Exchange. In their Series A funding round, they raised $50 million from investors such as Sequoia Capital China, a venture capital firm, Coatue, a US hedge fund, and EDBI, an investment fund backed by the Singapore government.

Moreover, they also hold a 38% share of the hashpower on the Bitcoin blockchain, as they are managing the large mining pool such as Antpool and BTC.com. Adding to this, they hold stakes in the pool known as ViaBTC, which comes up to 48%. This puts Bitmain dangerously close to controlling 51% of the Bitcoin blockchain, which would give them the ability to double spend the coin, among other things.

Bitmain is also the undoubted market leader in ‘application specific integrated circuits’, which is their main product. Their most recent product, however, was badly received by the community over complaints of exaggerated hashpower in advertising.

Notably, Bitmain is also one of the 21 block producers on the EOS blockchain. This comes after news of them announcing that they had gathered 51,000 votes, which translates to a daily reward of 840 EOS. They said on Twitter:

“EosAntPool  has become one of the 21 #EOS block producers. Thanks so much for all your support, vote and trust. EosAntPool will keep working on #EOS community development and construction. Let’s rebuild the world together.”

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