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/