If you ever wondered what is the largest crypto-related company out there, let us introduce you to Bitmain.
The company is the biggest bitcoin mining equipment manufacturer. After closing its Series B funding with a $12 billion valuation, Bitmain became the largest conglomerate in the history of Bitcoin and crypto.
The conglomerate includes Coinbase, Binance, and Ripple Labs as some of the multi-billion dollar corporations in the industry – all having significant influence over their market. While Coinbase leads the exchange and brokerage markets, Binance controls the crypto-only exchange market and Ripple Labs is active in the development of the Ripple blockchain network which is by many the leading banking blockchain protocol.
As such, Bitmain is a conglomerate that has full control over the mining equipment industry. The direct competitors of Bitmain include companies like Samsung. However, the founder and CEO of the company, Jihan Wu, is always looking to innovate and evolve the company leading to new multi-million dollar funding rounds and financing of companies in the field of blockchain.
One example for that is Circle’s $110 million funding round in which Wu helped – creating private central banks financed with cryptocurrencies. As Circle said at the time:
“Bitmain Co-founder and CEO Jihan Wu is well known for espousing a vision similar to ours regarding the creation and adoption of a new global economy powered by cryptographic assets, distributed contracts, and open source blockchain technology. We are excited to be working directly with Bitmain on realizing our shared vision.”
With billions of dollars in profit on a yearly basis, Bitmain has started to invest in ICOs, blockchain projects, crypto-related companies and platforms outside the finance sector.
In latest news, Bitmain revealed that they finalized the plans to purchase the controlling stake of the Opera Internet Browser, investing $50 million in the company which is expected to complete a $115 million initial public offering (IPO).
As a team of analysts at Bernstein Research revealed, Bitmain has been able to make as much money as Nvidia which is one of the largest chip makers in the world – however in only 4 years compared to Nvidia’s 24 years towards securing $3 billion in profit.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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