Bitmain's ASIC Dominance Grows As Bitmain Raises $400 Million
Summary
Critics of Bitmain have begun to worry that Bitmain could abuse this substantial level of influence, giving criticisms along the lines of: “This much power should not be held in the ‘hand’ of one company.” When miners allocate their hash power to a mining pool, they essentially give the pool operators the authority to use the hashrate however they see fit. Bitmain’s seemingly unfailing market dominance may continue, as China Money Network reported that Bitmain raised over $400 Million U.S. in a pre-IPO funding round. Sequoia Capital’s China branch, a venture capitalist firm who has influence over important industry kingpins, reportedly led the pre-IPO funding round for the influential cryptocurrency mining business. Chinese media mentioned that Bitmain plans to enter the public market with a valuation of over $30 Billion, with trading commencing by the end of the year at the latest. Although this has not been directly confirmed by Bitmain, users have extrapolated data from blockchain information to bring some sort of credence to these rumors.