✉️ [Newsletter] Bitmain-sanity? - Messari's Unqualified Opinions #5

Earlier this week crypto mining firm Bitmain filed its IPO prospectus with the Stock Exchange of Hong Kong. In the 432 page document, the company outlined important operational and financial information.

Some highlights include:

• In the first half of 2018, Bitmain’s revenue was $2.85 billion, with a net profit of $1.12 billion. Of that, $2.56 billion, or 95 percent, came from selling mining hardware. Only 3.3 percent of revenue over that period came from proprietary mining.
• The company operates 11 mining farms in mainland China. It also has U.S. operations in Washington, Texas, and Tennessee.
• Bitmain’s own customer base grew from 6,000 customers in 2015 to 80,000 customers in just the first six months of 2018.
• Founders, Micree Zhan and Jihan Wu are the largest shareholders in the company. Today, Micree Zhan owns 36 percent of shares, while Jihan Wu owns a little more than 25 percent.
• As of June of 2018, Bitmain employed 840 full-time engineers for research and development. Overall the company employed more than 2,500 individuals.