Introduction
Bitmain Technologies Ltd., commonly known as Bitmain, is a Beijing-based semiconductor design company specializing in cryptocurrency mining hardware. Founded in 2013 by Jihan Wu (a financial analyst) and Micree Zhan (a private equity fund manager), Bitmain has grown into the world's largest designer of application-specific integrated circuits (ASICs) for Bitcoin mining.
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Company Overview
| Key Details | Information |
|---|---|
| Founded | 2013 |
| Headquarters | Beijing, China |
| Industry | Semiconductor design, cryptocurrency mining hardware |
| Flagship Product | ANTMINER series (e.g., S1, S15, S19) |
| Primary Market | Global |
Bitmain operates 11 mining farms across China (as of 2018) and manages major mining pools like BTC.com and Antpool, which collectively account for ~10.57% of Bitcoin’s global hash rate.
Core Products and Innovations
ANTMINER Series
- ANTMINER S1 (2013): 180GH/s hash rate, Bitmain’s debut product.
- ANTMINER S15 (2018): 7nm chip technology, 10+ billion transistors per unit.
- ANTMINER S19 (2020): Market-leading efficiency (110 TH/s ±3%).
Diversification into AI
In 2017, Bitmain secured $50M from Sequoia Capital and IDG to develop AI chips, aiming to reduce reliance on crypto volatility.
Financial Performance
- 2017 Revenue: $2.5B (~¥15.8B CNY).
- 2018 H1 Profit: $742.7M.
- 2021 Valuation: $8–9B (post-crypto market surge).
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Corporate Challenges
Leadership Dispute (2019–2021)
- 2019: Co-founder Jihan Wu ousted Micree Zhan, triggering legal battles over control.
2021 Resolution: Wu sold his stake for $6B, splitting Bitmain into:
- Bitmain (Zhan-led, focuses on mining hardware).
- Bitdeer (Wu-led, operates cloud mining services).
Regulatory Pressures
- 2021: China’s crypto crackdown forced Bitmain to halt global miner sales temporarily.
- 2025: Subsidiary SOPHGO sanctioned by the U.S. for violating chip export bans.
Philanthropy and Recognition
- Donations: $1M to Tsinghua University (2018), $5M to Shandong University (2021).
- Awards: Ranked #20 on 2019 Hurun Global Unicorn List ($800B valuation).
FAQs
1. What is Bitmain’s primary business?
Bitmain designs ASIC chips for cryptocurrency mining and operates mining pools/services.
2. Why did Bitmain pause miner sales in 2021?
Due to China’s crypto crackdown, Bitmain halted sales to stabilize market demand.
3. How did the Wu-Zhan conflict resolve?
In 2021, Wu exited Bitmain, receiving $6B, while Zhan retained control of the core company.
4. What is SOPHGO’s connection to Bitmain?
SOPHGO is Bitmain’s AI-focused subsidiary, sanctioned in 2025 for breaching U.S. export controls.
5. How efficient are Bitmain’s latest miners?
The ANTMINER S19 Pro achieves 110 TH/s with ±3% power efficiency.
Conclusion
Bitmain remains a pivotal player in crypto mining despite regulatory and internal challenges. Its innovations in ASIC technology and strategic pivots toward AI underscore its adaptability in a volatile industry.