Bitmain Technologies, the virtual currency mining firm co-founded by billionaires Jihan Wu and Micree Zhan, released its first public financial statements in a Hong Kong regulatory filing. Bitmain Technologies, the virtual currency mining firm co-founded by billionaires Jihan Wu and Micree Zhan, released its first public financial statements in a Hong Kong regulatory filing late Wednesday. As both the largest operator of Bitcoin mining collectives and the dominant supplier of virtual currency mining machines, the firm has enormous influence over the global crypto ecosystem—a role that has troubled members of the community who disdain anything resembling a centralization of power. The 2018 tumble in virtual currency prices threatens both the profitability of Bitmain’s mining operations and demand for the custom chips it sells to other miners. In an interview earlier this year, he estimated that as much as 40 percent of Bitmain’s revenue will come from AI chips within five years.

Source: Mint September 27, 2018 11:37 UTC