The co-CEO and co-founder of Bitmain, Jihan Wu was interviewed by Fortune.com. The company is only five years old, and it brought in a whopping $2.5 billion revenue during the past year. Wu stated that it succeeded largely through the sales of specialized, crypto-mining computer chip hardware.
The company also takes a chunk of funds generated by its cryptocurrency mining pools, AntPool and BTC.com. The private market valuation of Bitmain has increased to $12 billion says, Wu. However, Bloomberg says its value is close to $9 billion. Wu as well as his co-founder, Micree Zhan own about 60% shares of the business.
The co-founder of Bitmain is on a mission to maintain the first place in the industry and pad it as well. He has plans to diversify the dominance of the firm with entrance into the blossoming field of AI. Wu says that the company has plans to release its AI chip later in the year.
Controversies and Conspiracy Theories
The cryptocurrency billionaire spoke about some controversies and conspiracies that have surrounded Bitmain. Wu was asked why he decided to invest in bitcoin and he responded saying that he liked the idea and thought it would work.
Wu stated that the company does not sell second-hand mining rigs because if they do, they will not hide the information from the public. He said the company does carry out mining first before selling them as new because this was against their principles. He reiterated that it was just a rumor and stated that they have been transparent from the first day and do not pretend that mining rigs are new.
He agreed that the company does small-scale testing, but they do not use the rigs deliberately. The company develops the hardware, releases and sells on the market after sampling them.
Wu stated that the company meets regulators in conferences occasionally because they understand the importance of negotiating with them.