Bitcoin Mining Giant Bitmain Announces Potential Hong Kong IPO

Bitmain, one of the earliest manufacturers to bring Bitcoin mining chips to market is now in competition with some of the world's largest chipmakers.

In a report by Bloomberg, Bitmain CEO, Jihan Wu announced that the industry giant is "Open" to an overseas IPO.Bitmain's Market Dominance.

As one of the first market entrants in 2013 into the cryptocurrency industry, Bitmain CEO, Jihan Wu, and partner, Micree Zhanhas have seen significant growth- accumulating nearly 80% of the total market for mining hardware, according to Bernstein Research.

While the company began in hardware production, Bitmain also owns and runs two of the largest bitcoin mining pools.

Info, Bitmain's BTC.com and AntPool control more than 40% of the world's Bitcoin mining power.

Despite their market dominance, Bitmain still encounters competition from emerging chipmakers and mining collective competitors attempting to penetrate markets where Bitmain isn't exposed.

"Bitmain is trying very hard to maintain its advantage."

A force in the Bitcoin industry, Bitmain has become a fierce competitor to global leaders in chip manufacturing, including publicly listed chipmaker Nvidia.

With ambitions to expand into AI, Bitmain CEO, Jihan Wu seeks to follow suit with competitor Canaan Inc. and potentially go public in an overseas exchange.

According to Bloomberg, Bitmain's estimated valuation of $8.8 billion- giving the co-founders a collective net worth of nearly $5.3 billion USD. Wu shared with Bloomberg that an overseas IPO with USD-denominated shares would give early investors, like Sequoia Capital and IDG Capital, the option to cash out.