Receive all Cointelegraph news immediately in Telegram.
Bitmain Technologies welcomed another milestone this year, receiving investments worth $50 mln from Sequoia and IDG.
Jihan Wu and Micree Zhan, founders of the Beijing-based Bitcoin mining company Bitmain Technologies Ltd., welcomed another milestone this year. Sequoia and IDG have provided the company with $50 mln in funding to support the company’s goal of creating innovative chips for artificial intelligence, Bloomberg reports.
Bitmain Technologies Ltd. is known for its mining operations and claims that its own valuation is “in the billions.” In August it was weighing a possible initial public offering, although it’s not clear if it can go ahead with those plans now that China has effectively made ICOs illegal.
Bitmain also runs huge Bitcoin mines and leases mining power to other individuals and companies. In total, the company controls 29% of the hashing power that secures the Bitcoin network, largely through their operation of the mining pool “Antpool.”
With Sequoia and IDG funding, Bitmain will be able to continue their artificial intelligence projects. Bitmain's upcoming artificial intelligence, Sophon, is set to challenge and compete with other tech giants such as Google, AMD, and Nvidia. 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.
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
One fine body…
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact:
Reset letter sent.
Please checkout your mailbox for password reset details