Bitmain, a manufacturer of Bitcoin mining hardware and other related services, has received $50m from Sequoia and IDG.
Bitmain was founded in 2013 and is considered to be the world’s largest bitcoin miner. This involves processing transactions on the bitcoin blockchain with a reward of new coins for those participating.
This is Sequoia’s first investment in a bitcoin mining firm. Bitmain is said to have done a good job as a hardware manufacturer and miner.
The funding is said to help the company move into manufacturing chips to power artificial intelligence.
This will take the miner up against far larger competitors, including Google Inc., Nvidia Corp. and Advanced Micro Devices Inc.
Copyright FinTech Global 2017