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Bitmain Moves to Silicon Valley, Crypto Mining Giant Eyes US Market

Tue, 07/17/2018 - 20:46
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Alex Dovbnya
Chinese crypto giant Bitmain opens a 16-story office in Silicon Valley
Bitmain Moves to Silicon Valley, Crypto Mining Giant Eyes US Market
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Bitmain, the biggest crypto mining company in the world, now occupies a 20,000-square-foot office in San Jose (CA). The Chinese mining giant reportedly moved to Silicon Valley ahead of launching an overseas initial public offering (IPO) in the US.  

Too big not to be noticed   

Bitmain’s decision to flex its muscles in Silicon Valley was absolutely expected. The Beijing-based manufacturer is the 12th biggest company in the world with an estimated value of more than $12 bln. Apart from effectively establishing a near-monopoly on hardware (which has been further cemented with a recent release of the game-changing Antminer Z9 Mini), Bitmain also operates two major mining pools BTC.com and Antpool who are responsible for almost half of Bitcoin’s mining power.     

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However, the company is not really known anywhere outside of the crypto industry. Occupying a huge 16-story office in Silicon Valley will undoubtedly help Bitmain’s CEO Jihan Wu to further extend his digital empire while investing in other trendy startups. Bitmain’s post-IPO value is expected to increase up to $40 bln.          

Tech hub

It’s a commonly known fact that major tech companies have pretty much the same location. Bitmain rented the only vacant office in a two-building Riverpark II building. As of now, the whole office complex is fully leased. Apart from the Chinese chip manufacturer, the aforementioned building is already occupied by other big tech companies like Zoom, Okta, WeWork, Cohesity and other promising startups.
 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.