Bitmain Technologies Ltd., is a privately owned company headquartered in Beijing, China that designs application-specific integrated circuit (ASIC) chips for bitcoin mining.
Micree Zhan and Jihan Wu founded Bitman in 2013. Prior to founding Bitmain, Wu was a financial analyst and private equity fund manager and Zhan was running DivaIP, a startup that allowed users to stream television to a computer screen via a set-top box.
Bitmain's first product was the Antminer S1 which is an ASIC Bitcoin miner making 180 GH/s while using 80–200 Watts of power.
By 2018 it had become the world's largest designer of application-specific integrated circuit (ASIC) chips for bitcoin mining. The company also operates BTC.com and Antpool, historically two of the largest mining pools for bitcoin.
Bitmain was reportedly profitable in early 2018, with a net profit of $742.7 million in the first half of 2018, and negative operating cash flow. TechCrunch reported that unsold inventory ballooned to one billion dollars in the second quarter of 2018.
The company completed its $1 billion pre-IPO registration with the Hong Kong Stock Exchange in August, and filed for IPO in September 2018.
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