Bitmain Company Intelligence

With rapid growth in the Bitcoin mining industry, ASIC miner manufacturers have been experiencing huge pre-order demands and gaining momentum for new product developments. A clear leader in this market is Bitmain, a key manufacturer of cryptocurrency mining hardware (ASIC miners). Founded in 2013, Bitmain has been setting new standards of efficiency with its Antminer series. Since the 2018 crypto market crash, Bitmain has experienced some roadblocks in its business, such as an IPO failure and a power dispute between its two co-founders in 2020. The conflict was settled in early 2021 and Bitmain made key divestiture decisions to streamline its business to solely focus on mining hardware development and sales - BTC.com, AntPool and Bitdeer were spun off as separate entities. This corporate restructuring should help with Bitmain’s potential public listing as well. Even with such noise within the company, Bitmain continues to have global market dominance over its competitors due to its industry-leading technology and years of expertise in the field.

Bitmain’s flagship product is the Antminer series for Bitcoin mining. Last November, Bitmain released Antminer S19 XP, which improved the miner's energy efficiency to 29.5J/T (entering the era of 20J/T miners. The company announced the launch of the Antminer S19 Pro+ Hyd. and Antminer S19 XP Hyd. in January 2022 and March 2022, respectively. These hydro-cooling miners are designed to be used in Bitmain’s liquid cooling containers - Antspace. As shown in the above product summary, Bitmain’s hydro-cooling miners provide remarkable performance and power efficiency enhancement relative to their air-cooling counterparts. Further discussion on hydro-cooling miners and immersion mining will be covered in the outlook section.