Coindesk Logo

Mining Giant Bitmain Reportedly Raising $50 Million Funding Round

Mining Giant Bitmain Reportedly Raising $50 Million Funding Round

Mining Giant Bitmain Reportedly Raising $50 Million Funding Round

China-based mining firm Bitmain is to receive a $50 million investment from major venture capital firms, according to a report.

China-based mining firm Bitmain is to receive a $50 million investment from major venture capital firms, according to a report.

China-based mining firm Bitmain is to receive a $50 million investment from major venture capital firms, according to a report.

AccessTimeIconSep 4, 2017, 1:10 PM
Updated Aug 18, 2021, 6:51 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

China-based mining firm Bitmain is to receive a $50 million investment from a number of venture capital firms, according to Bloomberg.

One of the world's largest bitcoin miners and producers of mining hardware, Bitmain is reported to be raising the funding from participants including Sequoia Capital, ING Capital and several other undisclosed investors as part of a plan to raise its profile among investors.

Bloomberg also said the firm intends to expand into production of chips for artificial intelligence and set up mining farms in the U.S.

The unnamed source, according to the report, claimed the investing companies also intend to offer Bitmain management advice as part of the deal.

Bitmain's mining pool – by which miners combine their efforts to have a better chance of solving blocks and receiving bitcoin rewards – is currently the second most powerful globally. At press time, Antpool, as it's called, controlled 15.3 percent of the network's total hashing power.

Bitcoin miners image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.