Bitmain Technologies, a Beijing-based cryptocurrency hardware manufacturer, has become a dominant player in the Bitcoin mining industry. As of 2024, the company’s estimated valuation on the open market is approximately $100 Billion.
This is based off the fact that in 2021, a report by Investopedia claimed that Bitmain’s then valuation at the time was about $40-50b. Due to the fact that AI has emerged in their gameplan, and adjusting for inflation, it’s quite plausible that $100B is a conservative estimate.
This is a significant leap from its $12 billion valuation during its 2018 funding round. The company has gained global recognition for its mining hardware, particularly its Antminer series, which is widely used by professional and large-scale Bitcoin miners.
Since its founding in 2013, Bitmain has not only led the charge in Bitcoin mining but has also diversified its business ventures.
The company operates major mining pools like BTC.com and Antpool, which together account for nearly half of the total mining capacity for Bitcoin. Additionally, Bitmain has expanded into artificial intelligence (AI) chips, aiming to make 40% of its revenue from AI by 2028.
The company faced challenges when its planned IPO in 2018, which aimed for a $40 to $50 billion valuation, was ultimately shelved. Despite this setback, Bitmain continued to thrive by leveraging its expertise in ASIC chip development.
Bitmain’s business now spans several countries, including the United States, where it has established data centers to support Bitcoin mining operations.
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