{"id":"bitmain","title":"Bitmain","content":"**Bitmain Technologies Ltd.** is a privately held multinational company, founded in 2013, that designs application-specific integrated circuit (ASIC) chips for [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) [mining](https://iq.wiki/wiki/mining). The company is primarily known for its flagship ANTMINER brand of mining hardware and for operating Antpool, one of the world's largest cryptocurrency mining pools. [\\[1\\]](#cite-id-HoLM8vzYVp) [\\[2\\]](#cite-id-EaCmy9DjCH)\n\n## History\n\nBitmain was founded in Beijing, China, in 2013 by Micree Zhan and Jihan Wu. Zhan, the technical lead, designed the company's first product, the ANTMINER S1, which was released in November 2013. The following year, the company launched Antpool, a service allowing miners to pool their computational resources to increase their chances of earning [mining](https://iq.wiki/wiki/mining) rewards. Following the 2014 collapse of the Mt. Gox exchange, many of Bitmain's competitors went out of business, allowing the company to solidify its market position. [\\[3\\]](#cite-id-l07tFH2p79) [\\[2\\]](#cite-id-EaCmy9DjCH)\n\nThe company grew significantly during the 2017 [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) [bull market](https://iq.wiki/wiki/bull-market), securing a $50 million Series A funding round and establishing itself as the dominant force in the ASIC manufacturing industry. By 2018, Bitmain had become the world's largest designer of cryptocurrency [mining](https://iq.wiki/wiki/mining) ASICs, claiming a market share of 74.5%. That year, it raised over $700 million in a Series B funding round, achieving a valuation of $14.5 billion. However, a subsequent attempt to launch an Initial Public Offering (IPO) on the Hong Kong Stock Exchange failed amid market volatility and regulatory uncertainty. The company also faced financial difficulties, reporting a loss of approximately $500 million in the third quarter of 2018 and laying off a significant portion of its workforce. [\\[4\\]](#cite-id-g0N9624dDF) [\\[1\\]](#cite-id-HoLM8vzYVp)\n\nFrom 2019 to 2021, the company was embroiled in a public power struggle between its two co-founders. The dispute concluded in January 2021 when Jihan Wu announced he was stepping down from his roles at Bitmain. As part of the settlement, the cloud mining subsidiary Bitdeer and the BTC.com mining pool were spun out from Bitmain, with Wu taking control of the new entities. In June 2021, following a regulatory crackdown on [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) [mining](https://iq.wiki/wiki/mining) by the Chinese government, Bitmain suspended the spot delivery of its mining machines globally to support local prices. [\\[2\\]](#cite-id-EaCmy9DjCH)\n\nIn January 2025, Bitmain's AI subsidiary, Sophgo, was placed on the U.S. Department of Commerce's Entity List, restricting its access to U.S. technology. In July 2025, Bitmain announced a major strategic shift with plans to establish its first manufacturing facility in the United States to better serve its largest market and mitigate geopolitical risks. By late 2025, the company pivoted its sales strategy, focusing on selling existing inventory to new investors in Asia, often bundled with managed hosting services and complex financing arrangements. [\\[1\\]](#cite-id-HoLM8vzYVp) [\\[5\\]](#cite-id-aayLDdadxr) [\\[6\\]](#cite-id-f7EoIn6OR7)\n\n## Products and Technology\n\nBitmain's business is centered around the design and sale of high-performance hardware and the operation of related [mining](https://iq.wiki/wiki/mining) services. [\\[7\\]](#cite-id-aMw0yPDgeX)\n\n### ANTMINER ASIC Hardware\n\nThe company's flagship product line is the ANTMINER series, which consists of ASIC machines designed for [mining](https://iq.wiki/wiki/mining) various cryptocurrencies. These devices are engineered for high hash rates and energy efficiency, a critical metric measured in joules per terahash (J/T). [\\[3\\]](#cite-id-l07tFH2p79)\n\nKey models in the ANTMINER series include:\n\n* **Antminer S1 (2013):** The company's first ASIC miner, which offered a hash rate of 180 gigahashes per second (GH/s). [\\[2\\]](#cite-id-EaCmy9DjCH)\n* **Antminer S9 (2016):** A highly influential model that offered significant improvements in hashing efficiency and became an industry standard. [\\[3\\]](#cite-id-l07tFH2p79)\n* **Antminer E3 (2018):** An ASIC miner designed specifically for the EtHash algorithm used by [Ethereum](https://iq.wiki/wiki/ethereum) prior to its transition to [Proof-of-Stake](https://iq.wiki/wiki/proof-of-stake). [\\[8\\]](#cite-id-fcktgIdFQR)\n* **Antminer S15 & T15 (2018):** The company's first miners built on a 7nm semiconductor process, designed for the SHA256 algorithm. [\\[8\\]](#cite-id-fcktgIdFQR)\n* **Antminer S21 Series (2024-2025):** A recent generation of miners featuring advanced hydro-cooling technology to improve performance and efficiency. The S21 XP model can reach 270 TH/s at an efficiency of 13.5 J/T. [\\[7\\]](#cite-id-aMw0yPDgeX)\n* **Antminer S23 Hydro (2025):** A flagship liquid-cooled model capable of delivering 580 TH/s at an energy efficiency of 9.5 J/T. [\\[5\\]](#cite-id-aayLDdadxr)\n\nBitmain also produces miners for other algorithms, such as the L11 HU2 for Scrypt-based [cryptocurrencies](https://iq.wiki/wiki/cryptocurrency) like [Litecoin](https://iq.wiki/wiki/litecoin) and [Dogecoin](https://iq.wiki/wiki/dogecoin). [\\[7\\]](#cite-id-aMw0yPDgeX)\n\n### ANTSPACE Mining Solutions\n\nTo support large-scale [mining](https://iq.wiki/wiki/mining) operations, Bitmain offers the ANTSPACE product line, which consists of modular and container-based data center solutions. These products, such as the hydro-cooling ANTSPACE HW5 container, are designed for rapid deployment and can house hundreds of mining units, providing the necessary power and cooling infrastructure. [\\[7\\]](#cite-id-aMw0yPDgeX)\n\n### Mining Pools\n\nBitmain operates Antpool, one of the largest [Bitcoin](https://iq.wiki/wiki/bitcoin) [mining](https://iq.wiki/wiki/mining) pools in the world. Launched in 2014, Antpool allows individual miners to contribute their hash rate to a collective, increasing the probability of successfully mining a [block](https://iq.wiki/wiki/block) and sharing in the rewards. Between 2021 and 2024, Antpool was estimated to have mined approximately 20% of all [Bitcoin](https://iq.wiki/wiki/bitcoin) blocks. Historically, Bitmain also operated BTC.com, and at their peak, the two pools combined controlled over 50% of the Bitcoin network's total hash rate, raising significant centralization concerns. [\\[2\\]](#cite-id-EaCmy9DjCH) [\\[3\\]](#cite-id-l07tFH2p79)\n\n## Business Operations and Strategy\n\nBitmain has consistently held a dominant position in the [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) [mining](https://iq.wiki/wiki/mining) sector, with its market share for ASIC hardware estimated to be between 70% and 80% in 2025. The company's strategy involves not only hardware manufacturing but also building an integrated ecosystem of services to support its clients. [\\[5\\]](#cite-id-aayLDdadxr)\n\n### Associated Entities and Ecosystem\n\nBitmain operates through a network of strategic partners and associated companies that provide a range of services to the [mining](https://iq.wiki/wiki/mining) industry:\n\n* **ANTPOOL:** The company's core [mining](https://iq.wiki/wiki/mining) pool service.\n* **ANTALPHA:** A digital asset financial services platform that provides financing and lending to institutional [mining](https://iq.wiki/wiki/mining) operations.\n* **ANTSENTRY:** A cloud-based platform for managing and monitoring [mining](https://iq.wiki/wiki/mining) farms.\n* **BITFUFU:** A strategic partner offering cloud [mining](https://iq.wiki/wiki/mining) services, which became publicly listed on NASDAQ in 2024. [\\[7\\]](#cite-id-aMw0yPDgeX) [\\[2\\]](#cite-id-EaCmy9DjCH)\n\nThis ecosystem allows Bitmain to facilitate large-scale deals, such as its 2025 sales to Hong Kong-based firms DL Holdings and International Business Settlement Holdings, which involved complex financing structures like convertible bonds and [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) pledges managed through entities like Antalpha. [\\[6\\]](#cite-id-f7EoIn6OR7)\n\n### Strategic Partnerships and Global Operations\n\nBitmain collaborates with major [mining](https://iq.wiki/wiki/mining) companies globally. In September 2024, it announced a partnership with Hut 8 to co-develop a next-generation liquid-cooled ASIC miner. In 2025, it secured a major deployment deal with American [Bitcoin](https://iq.wiki/wiki/bitcoin) Corp. for miners delivering approximately 14 EH/s of hashrate. The company also provides managed hosting and operational support for its clients through a global network of data centers, with facilities located in the United States, Paraguay, and Oman. [\\[2\\]](#cite-id-EaCmy9DjCH) [\\[9\\]](#cite-id-0Frcpuwt5U) [\\[10\\]](#cite-id-ScboLOjeTx)\n\n## Corporate Affairs\n\n### Founders and Leadership\n\nBitmain was co-founded by Micree Zhan and Jihan Wu. Wu was a financial analyst before co-founding the company, while Zhan provided the initial technical expertise for the Antminer design. Following a prolonged power struggle, Wu departed the company in 2021. As of 2024, Micree Zhan serves as the CEO of Bitmain. Other key figures include Irene Gao, the company's Global Business Head. [\\[1\\]](#cite-id-HoLM8vzYVp) [\\[5\\]](#cite-id-aayLDdadxr)\n\n### Financials and IPO Attempts\n\nBitmain's financial performance has been closely tied to the volatility of the [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) market. The company's 2018 IPO filing revealed significant growth, with revenues rising from $137.3 million in 2015 to $2.5 billion in 2017. In the first half of 2018 alone, it recorded revenues of $2.8 billion with a net profit of $742.7 million. However, the market downturn later that year led to substantial losses. [\\[4\\]](#cite-id-g0N9624dDF)\n\nThe company has made multiple unsuccessful attempts to go public. Its 2018 application to list on the Hong Kong Stock Exchange lapsed in March 2019, and a subsequent attempt to file for a U.S. IPO also did not proceed. [\\[1\\]](#cite-id-HoLM8vzYVp)\n\n## Controversies and Legal Issues\n\n### Centralization Concerns\n\nBitmain has faced persistent criticism from the [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) community regarding the centralization of [mining](https://iq.wiki/wiki/mining) power. Its dominance in the ASIC hardware market creates a dependency on a single manufacturer for equipment essential to the security of [proof-of-work](https://iq.wiki/wiki/proof-of-work-pow) networks. Furthermore, the significant portion of the [Bitcoin](https://iq.wiki/wiki/bitcoin) network's hash rate controlled by Antpool (and formerly BTC.com) has raised concerns about the potential for a 51% attack, where a single entity could theoretically disrupt the network. [\\[3\\]](#cite-id-l07tFH2p79) [\\[2\\]](#cite-id-EaCmy9DjCH)\n\n### Internal Power Struggle\n\nBetween 2019 and 2021, co-founders Micree Zhan and Jihan Wu engaged in a high-profile dispute for control of the company. The conflict involved Zhan's ousting, which he contested through multiple lawsuits in various jurisdictions. The struggle created significant instability until a settlement was reached in January 2021. Upon his departure, Jihan Wu stated that the disagreement had been *\"finally settled in an amicable and, more importantly, a constructive manner.\"* [\\[1\\]](#cite-id-HoLM8vzYVp) [\\[2\\]](#cite-id-EaCmy9DjCH)\n\n### Regulatory and Legal Disputes\n\nBitmain has been involved in several legal and regulatory challenges.\n\n* **U.S. Sanctions:** In January 2025, its AI-focused subsidiary, Sophgo, was added to the U.S. Commerce Department's Entity List. [\\[1\\]](#cite-id-HoLM8vzYVp)\n* **National Security Review:** In September 2025, a U.S. lawmaker called for a federal review of Bitmain over national security concerns. [\\[6\\]](#cite-id-f7EoIn6OR7)\n* **Bitcoin Scaling Debate:** In 2017, Bitmain was a central figure in the contentious debate over Bitcoin's [block](https://iq.wiki/wiki/block) size, announcing that its [mining](https://iq.wiki/wiki/mining) pools would run the Segwit2x software proposal. [\\[8\\]](#cite-id-fcktgIdFQR)\n* **Lawsuits:** The company has faced a number of lawsuits, including a $5 million class-action lawsuit in 2018 alleging that its devices were configured to secretly mine for Bitmain's benefit during setup. It has also been involved in patent disputes and legal conflicts with clients, such as a 2025 bankruptcy case involving its client Orb Energy. [\\[1\\]](#cite-id-HoLM8vzYVp) [\\[6\\]](#cite-id-f7EoIn6OR7)","summary":"Bitmain dominates the Bitcoin mining industry as a leading manufacturer of ANTMINER hardware and operator of major mining pools like Antpool.","images":[{"id":"QmYynp8SmEuQziYbsLKyRpFEszkrXExBXb8MSyayzE6iZ7","type":"image/jpeg, image/png"}],"categories":[{"id":"organizations","title":"organizations"}],"tags":[{"id":"Organizations"}],"media":[{"id":"QmfQZexrCaqCioh3iWth3GZWxJQCQ54KorGDCNZ9mFoosD","name":"Bitmain.svg","caption":"","thumbnail":"QmfQZexrCaqCioh3iWth3GZWxJQCQ54KorGDCNZ9mFoosD","source":"IPFS_IMG"},{"id":"QmdBGtnScGqbsnghoNr1XQr6ZwYZk7sQbwaKUboPa8buJB","name":"Cópia de Design sem nome.png","caption":"","thumbnail":"QmdBGtnScGqbsnghoNr1XQr6ZwYZk7sQbwaKUboPa8buJB","source":"IPFS_IMG"}],"metadata":[{"id":"references","value":"[{\"id\":\"HoLM8vzYVp\",\"description\":\"Bitmain 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MinerMag report on 2025 sales strategy\",\"timestamp\":1759431751003},{\"id\":\"aMw0yPDgeX\",\"url\":\"https://www.bitmain.com/\",\"description\":\"Bitmain official website\",\"timestamp\":1759431751003},{\"id\":\"fcktgIdFQR\",\"url\":\"https://x.com/BITMAINtech\",\"description\":\"Bitmain official X account announcements\",\"timestamp\":1759431751003},{\"id\":\"0Frcpuwt5U\",\"url\":\"https://www.media-outreach.com/news/hong-kong/2025/09/29/414731/dl-invests-hk320m-with-bitmain-to-break-hashrate-barriers/\",\"description\":\"Press release on DL Holdings partnership and global data centers\",\"timestamp\":1759431751003},{\"id\":\"ScboLOjeTx\",\"url\":\"https://www.coindesk.com/pt-br/business/2025/09/29/dl-holdings-spends-usd41m-in-push-to-become-hong-kong-s-top-publicly-traded-bitcoin-miner\",\"description\":\"CoinDesk report on DL Holdings deal\",\"timestamp\":1759431751003},{\"id\":\"event-bitmain-founded-link\",\"description\":\"Event 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