Bitmain: The Mining Giant Valued at $12 Billion?

Hello Steemians,

After the new funding round was closed, Bitmain, which is a Bitcoin mining giant was valued at $12 billion, and its equity financing is valued at between $300,000,000 and $400,000,000.

According to a report by Caixin, there are new investors that are leading in the new round, including EDBI (investment fund that has the backing of the Singapore government), Coatue (US hedge fund), and Sequoia Capital China.

In a previous funding round, Bitmain was able to raise as much as $50 million and was led by IDG capital, and Sequoia Capital China. Caixin’s report further made it clear that at the moment, the mining giant, Bitmain is making plans to conduct a funding round for its IPO, with the intentions to go public and get listed on the Hong Kong Stock Exchange in the near future.

According to speculations by analysts, if Bitmain goes public as intended, then it will become one of the world’s biggest bitcoin mining company. According to previous reports, other companies in China looking to get listed on the Hong Kong Stock Exchange include Ebang Communication and Canaan Creative, and this will create some type of competition between the mining giants.

Over the years, bitcoin mining has proven to be a lucrative business, and while mining was relatively cheap at first, it has become a costly business, as new equipments have been created to make mining more efficient, and Bitmain is one company that produces Bitcoin mining equipments.

Do you think bicoin mining business have future? or it's simply worthless to invest in?

Regards,
Crypto Meet
@cryptomeet