Bitmain

Bitmain is a Bitcoin company in the Mining Hardware category, founded in 2013 by Jihan Wu, Micree Zhan.

The Idea

Design and manufacture ASIC chips purpose-built for Bitcoin mining. Wu discovered Bitcoin in 2011 and raised 100,000 yuan from family to buy 900 BTC. In 2013 he recruited Zhan, who developed the Antminer S1, Bitmain's first mining rig. Also operates two of the largest mining pools: Antpool and BTC.com, which became part of Bitmain's vertically integrated mining empire.

Early Traction

Bitmain became the dominant force in Bitcoin mining hardware, controlling an estimated 70-80% of the ASIC market at peak. Their Antminer line became synonymous with Bitcoin mining.

Peak Stats

$14.5B valuation. $701M net profit in 2017. Controlled majority of global ASIC market. Antpool and BTC.com together at various points commanded over 40% of Bitcoin's hashrate, raising serious centralization concerns.

Status Today

Co-founder Jihan Wu was widely seen as a driving force behind the 2017 Bitcoin Cash fork, though he publicly downplayed the role. Bitmain was rumored to have taken losses holding Bitcoin Cash after the split.