Bitcoin
15:09, 04-Sep-2017
China's bitcoin mining giant to be acquired by Sequoia and IDG
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Sequoia Capital and IDG Capital are reportedly considering investing China's Bitmain Technologies, according to people familiar with the matter recently.
As the world’s largest bitcoin mining organization, the Beijing-based company is planning to raise about 50 million US dollars, said one of the people. Not only capital support but also professional guidance on management will Sequoia Capital and IDG Capital provide to Bitmain, said the people in a Bloomberg report.
Until now, Bitmain and the two "potential" investors declined to any comment.
Bitmain aims to cash in on artificial intelligence. /Quartz Photo
Bitmain aims to cash in on artificial intelligence. /Quartz Photo
In fact, Bitmain has benefited from the rapid development of the bitcoin market.
Valuing at about 75 billion US dollars, Bitmain designs and produces chips that could be used in bitcoin mining. Besides, the company assembles machines and sells chips as well as machines to customers around the world.
At the same time, it operates its own bitcoin mining facilities, runs a number of bitcoin mines and manages several global largest mining “pools” such as Antpool and BTC.com, according to multiple foreign media.