Kaifu Lee of Sinovation Ventures Admited Investment in Bitmain News

Kaifu Lee of Sinovation Ventures Admited Investment in Bitmain

Sinovation Ventures, a China-based prominent investment powerhouse helmed by former Google China head Kaifu Lee, has announced its early involvement in crypto mining giant Bitmain’s Series A round funding. According to Bitmain’s freshly released IPO prospectus, Sinovation Fund, one of the funds operated under Sinovation Ventures, was quite an early investor of Bitmain. It funded $12.5 million (calculation based on 125 mln Series A preferred shares multiply by $0.1 per share cost) in Bitmain’s Series A round to get a 1.13% stake. Source: Bitmain’s IPO prospectus The prospectus stated that the subscription of the Series A preferred shares was completed in...
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Bitmain’s Grand AI Dream: to be the Next NVIDIA News

Bitmain’s Grand AI Dream: to be the Next NVIDIA

Of late, Bitmain the world’s dominated crypto mining giant, has finally handed in its public financial statements to the Hong Kong Stock Exchange. This could be one of the largest IPOs of all time in the crypto world. Some business insiders indicated that, the high-profile IPO is only the first step for Bitmain to open up its AI business. In the financial statement, Bitmain shows its ambition to AI business: the firm identified itself as the second largest fabless IC design company in China (only second to Huawei) and the world’s largest cryptocurrency mining company. It had 85 percent share...
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Bitmain’s Latest Challenger MicroBT Plans to File IPO In 2019 News

Bitmain’s Latest Challenger MicroBT Plans to File IPO In 2019

MicroBT, a Shenzhen-based mining chip manufacturer and a new and well-capitalized competitor to mining juggernaut Bitmain, plans to file for an initial public offering in 2019, its founder Yang Zuoxing told Bloomberg in a recent interview. It signals that MicroBT becomes the latest China-based mining company seeking to tap public equity markets after Bitmain, Canaan Creative and Ebang International Holdings Inc. Yang Zuoxing, the former director of chip design at Bitmain, is toiling hard to fight against his old employer and build his 2-year-old startup into the dominant provider for crypto mining chips. After earning a PhD in engineering physics from the prestigious...
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Canaan Unveils AvalonMiner A911 , and Its 5nm Chip Is In Developmet News

Canaan Unveils AvalonMiner A911 , and Its 5nm Chip Is In Developmet

Canaan Creative, the world’s second largest manufacturer of bitcoin mining hardware, announced a new mining rig model known as AvalonMiner A911 Saturday at 2018 Mining Summit which was held in China’s southwestern city of Chengdu. The Bitcoin ASIC miner will be soon available for users to purchase it. According to Chen Feng, Canaan’s AvalonMiner Sales Director, AvalonMiner A911 has a maximum hashrate of 18 THs and the power consumption is 1440w. It will provide 80 Watts per THS power usage. As the company said in its official Wechat account, the newly-launched mining rig which is powered by the 7nm mining...
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Top Secrets of Bitmain that You May Not Know: Sales Earn Twice as much as the R&D Personnel (I) News

Top Secrets of Bitmain that You May Not Know: Sales Earn Twice as much as the R&D Personnel (I)

Bitmain Technologies, the Chinese cryptocurrency mining giant has finally released its public financial statements on September 26. In the financial statement, the world’s dominant bitcoin mining hardware maker shows its ambition to AI business and is trying to change its simplex profit model. Bitmain also claimed that the IPO raising funds would be used in enhancing their research and development capabilities and expand the production output of ASIC chips, AI ASIC chips, blockchain and AI applications, as well as their global expansion and investing business strategies. The statement also discloses 10 inconspicuous top secrets of Bitmain, today we will discuss...
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Top Secrets of Bitmain that You May Not Know: Its Finance Department Exchanges Cryptocurrencies for Fiat Money Regularly (II) News

Top Secrets of Bitmain that You May Not Know: Its Finance Department Exchanges Cryptocurrencies for Fiat Money Regularly (II)

As the Chinese cryptocurrency mining giant Bitmain has finally filed an application to go public on the Hong Kong Stock Exchange (HKEX), some ‘top secrets’ also emerge from the public financial statements. There are 10 inconspicuous secrets hiding behind the statement. We have discussed 3 of them in yesterday’s article, including the unbalanced salaries, shareholding issue and the mining equipment sales revenue. Today we are going to discuss another 3 secrets of Bitmain. 1.The firm’s finance department exchanges the cryptocurrencies for fiat money regularly due to the large impact of the cryptocurrency prices. According to the public financial statement, for the...
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Bitmain is Suffering from the 27.6% US Tariffs on Their Antminer S9 News

Bitmain is Suffering from the 27.6% US Tariffs on Their Antminer S9

As the 2018 China-United States trade war has entered a red-hot stage, the Chinese cryptocurrency mining giant Bitmain is facing new tariffs of its overseas markets since August 23. According to the South China Morning Post, Bitmain would become the most exposed among Chinese mining hardware manufacturer to US barriers. Other mining giants that have their overseas business heading to the US, for example, Cannaan and Ebang International have been influenced by the new US tariffs as well. Their IPO plans also encounter obstacles due to this issue. Bitmain’s Antminer S9 were previously classified as “data processing machine” with zero tariffs....
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Bitmain Launches Terminal ASIC Chip BM1880 News

Bitmain Launches Terminal ASIC Chip BM1880

The world’s largest manufacture of bitcoin mining hardware, Bitmain, unveils a new  ASIC chip known as BM1880 on Wednesday, according to its announcement released on Wechat. BM1880 ASIC chip is designed for deep learning inference acceleration focusing on edge application. It can provide 1TFLOPs peak performance for 8-bit integer operation. With Winograd convolution accelerator (SpWA), it can offer as high as 2 TFLOPs peak performance for 8-bit integer operation. The specially designed TPU scheduling engine effectively streams high bandwidth data . The chip enables highly flexible programming for data reuse and performance optimization with its 2MB RAM. Meanwhile, BM1880 provides...
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Top Secrets of Bitmain that You May Not Know: Jihan Wu’s Annual Salary was Only $27k, but Got $20.5 Million “Discretionary Bonuses” (III) News

Top Secrets of Bitmain that You May Not Know: Jihan Wu’s Annual Salary was Only $27k, but Got $20.5 Million “Discretionary Bonuses” (III)

Bitmain is the world’s dominated crypto mining giant, its IPO has been seen as the largest IPO in the entire history of the IT market and draws much attention. People are also curious about secrets hiding behind the company. Today, we are going to discuss the last 4 out of 10 inconspicuous secrets that hiding in its IPO financial statement. The other secrets are demonstrated in the previous articles. 1.Bitmain considered the useful life of their mining hardware is “no more than 6 months” Bitmain used the straight line method over their estimated useful lives. After 180 days, they found...
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Bitcoin Miner’s Suffering:  Mining Machine Resale Value Only at 100 Yuan in China News

Bitcoin Miner’s Suffering: Mining Machine Resale Value Only at 100 Yuan in China

Bitcoin mining is not a “gold rush” anymore. In the BTC bear market, the price of second-hand bitcoin mining machines takes a dive towards 100 t0 200 yuan in China, leaving almost no one to have any interest in buying it, according to a local news outlet report. A Chinese miner who is identified by the surname Li invested hundreds of thousands of yuan in purchasing roughly a hundred of mining rigs in the second half of 2017 after leaving his position as a business head at a small-loan company. Since then he started his mining business, in the hope of...
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