Bitmain Can Reach $12B Valuation After Purchase of 600,000 Crypto Mining Chips

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by Verolian Opiyo · 2 min read
Bitmain Can Reach $12B Valuation After Purchase of 600,000 Crypto Mining Chips
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Bitmain firm, Bitcoin (BTC) mining giant is purchasing more crypto mining chips that could result in a surprising profit of $1.2 billion.

Cryptocurrency mining giant Bitmain Technologies will boost its size by roughly 50% in the next six months behind a supreme hardware order as leaked by the nearest source.

Bitmain Technologies Targets 50% Capacity Boost

As revealed by the Chinese social media platform, WeChat on 23 August, the company, which has experienced a dramatic shift of fortunes this year, will now purchase roughly 600,000 mining chips.

According to the nearest source with Taiwanese chip designers processing the order, the chips will be the latest updated 7nm variation, the hash rate of which will be 50 tera hashes/second.

Focused on this mathematics, after the first half of the year, the total network computing power for Bitmain will elevate by estimate 50%,” the publication notes, adding valuation for Bitmain to eventually top $12 billion.

Mining Developers Drip into the Black

In last month, Bitmain Technologies together with the rival Canaan Creative traded over 5000 Application Specific Integrated Circuit Mining Rigs (ASICs) to Northern Bitcoin owned by a German operator.

As Coinspeaker revealed, they skyrocket in Bitcoin mining gains this year has boosted the hopes for operators such as Bitmain. In late last year, pressure piled forcing the company to shutdown functions and sending home staff in certain nations.

The influence of the initial Bitcoin conveys market lingers on, Bitmain firm recording losses of $625 million for the first two months of 2019.

Revived plans to perform an Initial Public Offering (IPO) in the US could eventually mature or succeed prior to the ushering in of 2020.

Bitmain Technologies Ltd

Bitmain Technology Holding firm (Bitmain) offers computer devices. The firm provides large scale parallel computing software, high-density server equipment, and computing chips. Bitmain Holding serves users globally.

Established in 2013 and headquartered in Haidian District, Beijing, the firm has researched and constructed centres in the United States, Singapore, and Hong Kong. Furthermore, Bitmain is one of the globes top 10 and the second largest fables IC developer in China.

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