Company Overview
Bitmain Technologies Ltd. (commonly known as Bitmain) is a Beijing-based semiconductor designer specializing in cryptocurrency mining ASICs (Application-Specific Integrated Circuits). Founded in 2013 by financial analyst Wu Jihan and tech entrepreneur Micree Zhan, Bitmain has grown to become the world's largest Bitcoin mining hardware manufacturer.
Key Facts:
- Founded: 2013
- Headquarters: Beijing, China
- Primary Products: ANTMINER series mining rigs
Key Services:
- Mining pool operations (BTC.com, ANTPOOL)
- Cloud mining through Hashnest (400,000+ users)
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Historical Milestones
Early Growth (2013-2017)
- 2013: Launched first ANTMINER S1 (180GH/s hash rate)
- 2014: Established ANTPOOL mining pool (later spun off in 2021)
- 2017: Received $50M investment from Sequoia Capital and IDG for AI chip development
Market Dominance (2018-2020)
- Achieved $7.4B net profit in H1 2018
- Introduced 7nm chip technology in ANTMINER S15 (2018)
- Launched flagship S19 series miners (2020) with 110 TH/s efficiency
Recent Developments (2021-2025)
- 2021: Co-founder dispute resolved with company split (Bitmain under Zhan, Bitdeer under Wu)
- 2025: Subsidiary SOPHGO Tech added to U.S. Entity List for alleged export violations
Technology and Innovations
Bitmain's core advancements include:
ASIC Chip Design
- Pioneered Bitcoin-specific chips achieving unprecedented hash rates
- 7nm and later 5nm processes with >1 billion transistors per chip
Energy Efficiency
- S19 Pro achieves 29.5 J/TH power efficiency
- Liquid cooling systems for large-scale mining farms
AI Expansion
- Developed Sophon AI chips for deep learning applications
- Donated computing resources to academic institutions (e.g., Shandong University)
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Industry Impact
Mining Dominance
- Controlled ~40% of Bitcoin's network hash rate at peak (2018)
- Operated 11 mining farms across China (as of 2018)
Corporate Social Responsibility
- $10M donation to Tsinghua University for digital finance research (2018)
- $5M smart computing center donation to Shandong University (2021)
- $1M cryptocurrency/carbon neutrality research grant to HK Polytechnic (2022)
Challenges and Controversies
| Year | Issue | Resolution |
|---|---|---|
| 2018 | Bitcoin Cash hard fork | Supported BCHABC faction |
| 2020 | Co-founder power struggle | Business split agreement |
| 2021 | China's crypto crackdown | Suspended global miner sales |
| 2025 | U.S. export violations | SOPHGO Tech added to Entity List |
FAQ: Common Questions About Bitmain
Q: How profitable is Bitcoin mining with Bitmain equipment?
A: Profitability depends on Bitcoin's price, electricity costs, and mining difficulty. Bitmain's S19 series remains competitive with proper operational scaling.
Q: What happened between Bitmain's founders?
A: The 2019-2021 leadership dispute ended with Wu Jihan exiting Bitmain to lead spin-off Bitdeer, while Micree Zhan retained control of Bitmain's core operations.
Q: Does Bitmain still dominate Bitcoin mining?
A: While no longer controlling 40%+ of network hash rate, Bitmain remains a top-three mining hardware manufacturer alongside MicroBT and Canaan.
Q: Why was SOPHGO Tech sanctioned?
A: U.S. authorities allege the subsidiary circumvented export controls to acquire advanced TSMC chips for AI/ML applications.
Q: Where are Bitmain's mining farms located?
A: Primarily in China (Inner Mongolia, Sichuan), with additional operations in North America and Central Asia post-2020.