Huge expansion plans are there to set the fire in IT world. Jihan Wu and Micree Zhan, CEOs and founder of the Beijing based Bitcoin mining company Bitmain Technologies Ltd. to set another milestone this year as IDG & Sequoia. They have provided the company with $50 million as an investment funding. This is done to support the company’s targeted goals of developing innovative chips for artificial intelligence.
Company strategy & Issues
In the month of August it was planed for public offering. Although it’s not clear if it can go ahead with those plans now as if in China ICOs have been with effect made illegal. Company is facing issues as Bitmain Technologies Ltd. is well known for its mining operations worldwide. Company claims that its own valuation is in the billion dollars. Bitmain is operating huge Bitcoin mines and leases mining power to other individuals, corporates and companies.
At large the company controls & owe 29% of the hashing power that secures the Bitcoin network largely through their operation of the mining pool called “Antpool.” Which is very famous & have good reputation. Now, With Sequoia and IDG funding, Bitmain will be able to continue their artificial intelligence projects. Bitmain’s upcoming artificial intelligence giant – SOPHON which is set to challenge and compete with other established technology giants such as AMD, Nvidia & Google.
The goal of Sophon is to train neural networks used in the expanding data centers in the world. Bitmain is looking at launching their own artificial intelligence before the end of 2017. But somehow THE company is facing big challenges even after having huge funds & experience.