• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Bitmain Adds 5 New Billionaires to China’s Wealthiest List

Melanie Kramer by Melanie Kramer
4 years ago
in Bitcoin Businesses, ASIC miners, Companies, Mining, News, News teaser
0
Advertisement

China’s latest rich list for 2018 sees five billionaires joining China’s wealthiest for the first time thanks to Bitmain’s market lead on cryptocurrency mining.


The Hurun Research Institute 2018 Hurun Rich List now includes Bitmain’s founders, CEO and Vice President. The five have a combined wealth equalling nearly $9 billion USD.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitmain Billionaires

Though Jihan Wu is the name most associated with Bitcoin, co-founder Ketuan Zhan is the largest shareholder of Bitmain. Wu owns 20.25 percent and Zhen 36 percent. Co-founder Zhaofeng Zhao owns 6.26 percent.

According to the Hurun Rich List Zhan is worth over $4 billion, Wu over $2 billion, and Zhao with Bitmain colleagues Yuesheng Ge and Yishuo Hu coming in at under one billion in USD, but hitting the list as billionaires in Chinese yuan.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Cryptocurrency Mining Market Dominance

Wu, an analyst, and equity fund manager translated Satoshi Nakamoto’s Bitcoin white paper into Chinese and, convinced by Bitcoin’s potential, pitched the idea of developing ASIC chips to Zhan. Bitmain was created in 2013 and has the monopoly on ASIC miner machinery as well as running Antpool, one of Bitcoin’s most powerful mining pools.

Bitmain’s monopoly on ASIC miners covers 75 percent of the global market with a market value of over $2 billion. Since 2017 Bitmain has raised nearly $800 million in funding. Since June 2018, Bitmain has been spending on deals and acquisitions including purchasing a stake in web browser Opera.

Financial Disclosure and IPO

Bitmain is set to make around $10 billion in revenue this year and could be worth between $12 and $18 billion. Recent fundraising by Bitmain, with a target of $1 billion is part of a pre-IPO strategy. Bitmain plans to take the company public, by listing on the Hong Kong Stock Exchange, plans that have been open to debate due to Bitcoin’s recent losses. It seems the IPO is set to go ahead later this year.

The mining giant reportedly holds a balance of around $900 million in cryptocurrency assets compared to just over $340 million in fiat currency.

Bitmain Looking to Launch Canadian Bitcoin Mining Operation

Bitmain’s two closest rivals, Canaan Inc. and Ebang International Holdings are also planning IPOs in Hong Kong with a similar strategy to raise funding to pursue market dominance.

In anticipation of the IPO, Bitmain publicly disclosed its finances for the first time following a KPMG audit.

Joining Bitmain’s leaders on the 2018 Hurun Rich List are also Binance CEO Changpeng Zhao, OKCoin founder Star Zu, and Ebang International Holdings founder Nangeng Zhang.

Recently Ripple co-founder Chris Larsen made the Forbes 400 rich list, making him the first to join the list with wealth earned solely from cryptocurrency. Larsen is worth around $2.1 billion.

Do you think 2019 will see more crypto billionaires emerge? Share your thoughts below!


Images courtesy of Bitcoinist archives, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Melanie Kramer

Melanie Kramer

Related Posts

Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

2 days ago
Cryptoqueen

‘Cryptoqueen’ Has A $100,000 Bounty On Her Head Offered By The FBI

3 days ago
Samsung

Samsung To Make Chips That Can Power Bitcoin Mining – Will This Energize Crypto?

3 days ago
Bitcoin ASIC Miners

Bitcoin ASIC Miners Plummet To Lowest Price Since Jan 2021

4 days ago
Three Arrows

Three Arrows Capital Gets Notice Of Default On $660 Million Voyager Loan

7 days ago
Morgan Creek

Morgan Creek Said To Be In Bid To Secure $250-M To Counter FTX BlockFi Bailout

7 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.