Bitmain Announces Massive Office Opening In Silicon-Valley
Despite how some may be planning and analyzing a potential crisis in the crypto-industry, others are taking advantage of any chance they get to innovate further and advance their operations. Bitmain has just opened a massive office-complex in Silicon-Valley, the US crypto-blockchain hub.
Headquartered in China, Bitmain, the world’s leading cryptocurrency mining company, and ASIC producer opened a massive new office in SV to prepare for the company’s scheduled IPO. According to reports, the new office will cover 20000 square feet and is already operational. Despite the constant downs of the market this year, the company remains optimistic and is sustaining its constant growth.
Earlier this year, Bitmain stated that through its sales of BTC mining rigs last year, the company garnered more than $2B and a profit exceeding $350M. Although profits and revenue of such proportion may leave some skeptical considering the nature of the business, crypto, after further understanding it becomes easy to figure out why Bitmain can make so much.
The company’s ASIC demands skyrocketed to unprecedented levels in 2017 after Bitcoin hit its all-time high of $20000. Bitmain announced its state of the art Antminer S9, a new powerful bitcoin miner, earlier this year.
Reports in July stated that Bitmain’s value climbs to a whopping $12B after its second round of funding that managed to gather almost $400M. While several companies were not involved in the Series funding, Sequoia and EDBI heavily invested in the company.
Bitmain is also a generous investor in Opera, the company behind the globally known web browser and now holds high shares after its involvement in Opera’s Series funding. Although the company is consistently on a one-track mission for development and advancement, many have criticized the incredible effect of the company on Bitcoin’s community and industry given its 40% dominance of the whole network.