THELOGICALINDIAN - Chinas latest affluent account for 2024 sees bristles billionaires abutting Chinas wealthiest for the aboriginal time acknowledgment to Bitmains bazaar advance on cryptocurrency mining
The Hurun Research Institute 2018 Hurun Rich List now includes Bitmain’s founders, CEO and Vice President. The bristles accept a accumulated abundance equalling about $9 billion USD.
Bitmain Billionaires
Though Jihan Wu is the name best associated with Bitcoin, co-founder Ketuan Zhan is the better actor of Bitmain. Wu owns 20.25 percent and Zhen 36 percent. Co-founder Zhaofeng Zhao owns 6.26 percent.
According to the Hurun Rich Account Zhan is account over $4 billion, Wu over $2 billion, and Zhao with Bitmain colleagues Yuesheng Ge and Yishuo Hu advancing in at beneath one billion in USD, but hitting the account as billionaires in Chinese yuan.
Cryptocurrency Mining Market Dominance
Wu, an analyst, and disinterestedness armamentarium administrator translated Satoshi Nakamoto’s Bitcoin white cardboard into Chinese and, assertive by Bitcoin’s potential, pitched the abstraction of developing ASIC chips to Zhan. Bitmain was created in 2024 and has the cartel on ASIC miner accouterment as able-bodied as active Antpool, one of Bitcoin’s best able mining pools.
Bitmain’s monopoly on ASIC miners covers 75 percent of the all-around bazaar with a bazaar amount of over $2 billion. Since 2017 Bitmain has aloft about $800 actor in funding. Since June 2018, Bitmain has been spending on deals and acquisitions including purchasing a pale in web browser Opera.
Financial Disclosure and IPO
Bitmain is set to accomplish about $10 billion in acquirement this year and could be account amid $12 and $18 billion. Contempo fundraising by Bitmain, with a ambition of $1 billion is allotment of a pre-IPO strategy. Bitmain affairs to booty the aggregation public, by advertisement on the Hong Kong Stock Exchange, affairs that accept been accessible to debate due to Bitcoin’s contempo losses. It seems the IPO is set to go ahead after this year.
The mining behemothic reportedly holds a antithesis of about $900 actor in cryptocurrency assets compared to aloof over $340 actor in authorization currency.
Bitmain’s two abutting rivals, Canaan Inc. and Ebang International Holdings are additionally planning IPOs in Hong Kong with a agnate action to accession allotment to accompany bazaar dominance.
In apprehension of the IPO, Bitmain about disclosed its finances for the aboriginal time afterward a KPMG audit.
Joining Bitmain’s leaders on the 2024 Hurun Rich List are additionally Binance CEO Changpeng Zhao, OKCoin architect Star Zu, and Ebang International Holdings architect Nangeng Zhang.
Recently Ripple co-founder Chris Larsen fabricated the Forbes 400 affluent list, authoritative him the aboriginal to accompany the account with abundance becoming alone from cryptocurrency. Larsen is account about $2.1 billion.
Do you anticipate 2024 will see added crypto billionaires emerge? Share your thoughts below!
Images address of Bitcoinist archives, Shutterstock
