According to recent reports with one coming mainly from China Money Network, Bitmain which is currently the leading producer of bitcoin mining hardware has raised $400 million in a funding round led by Sequioa Capital China which values the company at a huge $12 Billion.

The company which was founded in 2013 in response to the great demand for crypto-curreny hardware amidst a huge spike in the field and was stated to have booked $2.5 Billion in revenue last year according the company’s co-founder Jihan Wu who also said that the company was considering a public offering to provide for Bitmain’s worlwide expansion and business boost.

Bitmain which is majorly owned by its co-founders Jihan Wu and Micree Zhan is very profitable and had previously raised $50 million in capital from IDG and Sequioa Capital September last year.

Bitmain has proven to be a very huge leader in the field of crypto-currency mining amidst growing competition  in the space with major competitor Canaan Inc also slated to go public soon after recently filing for a huge $1 Billion Hong Kong IPO.

In addition to selling crypto mining hardware, Bitmain also operates Antpool which is currently one of the largest available mining pools, Bitmain continues to make huge money within a very swift time like its crypto counterparts including Coinbase, Binance and other notable companies amidst a huge hike in crypto usage and trading as of recent.

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