RATE Group | Bitmain Recovers, Claims Profits Despite Pandemic and Power Struggle
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Bitmain Recovers, Claims Profits Despite Pandemic and Power Struggle

03 May Bitmain Recovers, Claims Profits Despite Pandemic and Power Struggle

Posted at 13:20h in Cryptocurrency News by

Chinese cryptocurrency hardware manufacturer Bitmain seems to be bouncing back after a streak of dismal reports. Earlier this week, a local industry blog revealed that the mining giant has accumulated over $300 million in revenue so far this year and is rewarding employees with massive bonuses on Labor Day.

Bitmain has since confirmed that information to Cointelegraph but ignored additional questions. Therefore, how does a mining company go about scoring profits amid the pandemic and the Bitcoin halving frenzy, the latter of which is said to shake things up for miners? 

A brief recap of Bitmain’s fluctuations

Bitmain was founded in 2013 by Jihan Wu and Micree Zhan. At the time, Wu was a private equity fund manager, while Zhan was raising funds for his TV streaming startup. Wu had allegedly spent all his savings on Bitcoin (BTC) and was looking for a way to accumulate more of the asset through industry-scale mining.

In November 2013, Wu and Zhan developed an ASIC chip that allowed to…

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