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Author Topic: [2017-09-04]Sequoia, IDG to Invest $50M in China’s Bitcoin Mining Company Bitmai  (Read 2124 times)
kaegmo
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September 04, 2017, 08:59:22 AM
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Sequoia Capital and IDG Capital are investing $50M in Bitmain Technologies Ltd., created by Wu Jihan and Micree Zhan, and considered by many to be the world’s largest bitcoin mining organization.

To understand the role of Beijing-based Bitmain in the $74 billion bitcoin economy, its necessary to keep in mind the company’s profile.

Firstly, Bitmain designs the silicon that goes into its bitcoin mining rigs. Secondly, it assembles the machines, and sells them around the world as well as operates its own mining facilities. Apart from this, Bitmain runs vast bitcoin mines, which it rents out to others. And last, but not the least, it manages several of the world’s largest mining pools, together controlling 29 percent of all the processing power on the global bitcoin network.

https://www.coinspeaker.com/2017/09/04/sequoia-idg-invest-50m-chinas-bitcoin-mining-company-bitmain/
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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September 04, 2017, 09:17:42 AM
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Bitmain, the root of evil is slowly but surely building itself up to form a definitive factor in the crypto space. I am even of believe that their actual percentage of the network power is closer to the 40% mark, if not higher.

If we purely look at things from an investor's point of view, then an investment in Bitmain might not be that bad of a decision after all. Especially when you consider that they will keep expanding their brand and overall power.

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