Five Bitmain Billionaires Join the League of Wealthiest Chinese

Hurun Research Institute’s rich list for this year has shown that five billionaires have joined the league of wealthiest Chinese for the first time through Bitmain’s market dominance on crypto mining. The  Hurun Rich List now accommodates Bitmain’s founders, CEO and Vice President. The combined wealth of the five is close to USD 9 billion.
The highest shareholder of Bitmain being the co-founder Ketuan Zhan with 36 percent holding though Jihun Wu seems to be the most popular name, he is the second highest shareholder though having 20.25 percent, co-founder Zhaofeng Zhao owns 6.26 percent. Based on the Hurun Rich List; the highest shareholder is estimated at $4 billion while Jihun Wu is standing at $2 billion and two Bitmain executives namely; Yuesheng Ge and Yishuo Hu under $1 billion but using Chinese Yuan, they made it to this list.

Bitmain Dominates the Crypto Mining Market

The success story of Bitmain bitcoin mining market dominance started when Jihun Wu translated Satoshi Nakamoto’s Bitcoin white paper into Chinese and pitched the idea of developing ASIC miners to Zhan. Fast forward to 2013, Bitmain already has the monopoly on ASIC miners machinery as well as running Antpool; one of the most powerful mining pools that Bitcoin has.
About 75 percent of the global market is dominated by Bitmain’s monopoly, this amount to about 2 billion. Almost $800 million in funds have been raised by Bitmain since last year; the conglomerate has been witnessed spending significantly on deal and acquisitions such as the move to buy a stake in web browser Opera.

Financial Disclosure and IPO

This year alone, Bitmain has realized about $10 billion in revenue, and the company can be estimated to worth between $12 and $18 billion. As a part of the company’s pre-IPO tactics, Bitmain has initiated fundraising aimed at hitting $1billion. Though the plans of the coming public and listing on Hong Kong Stock Exchange has been a subject of debate. It seems as though the company is forging ahead with the IPO plan. Reportedly, the mining giant holds a balance of around $900 million in digital assets, a figure which is relatively high compared to just over $340 million in fiat currency.

Related posts

Beeple’s Digital Artwork NFT Goes For A Record $69 Million, Tron’s Justin Sun Loses Bid At Last Minute

In a record-breaking NFT sale of a digital artwork NFT, Mike Winkelmann’s (Beeple) latest piece “Everydays – The First 5000 Days” goes for a whopping $69 million. The auction was conducted by the 250-year-old auction house Christie’s on the Makersplace…

Hedera Hashgraph Price Forecast: HBAR 150% rally on the verge of wipe off as technicals flip bearish

Hedera Hashgraph engages reverse gears on failing to rise above the all-time high of $0.2821. HBAR is seeking higher support, but a worsening technical picture hints at a correction to the 50 SMA. Hedera Hashgraph must clear the resistance at…

Bitcoin Price Prediction: BTC is gearing up for correction to $50,000 if the $58,000 hurdle remains unshaken

Bitcoin fails to enter a new price discovery mode due to a rejection suffered marginally above $58,000. BTC risks breaking down massively amid the formation of two bearish patterns. Support is anticipated at $56,000, 54,000 and $52,000 to halt the…