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Mining Giant Bitmain Reportedly Raising $50 Million Funding Round
China-based mining firm Bitmain is to receive a $50 million investment from major venture capital firms, according to a report.
Updated Sep 13, 2021, 6:53 a.m. Published Sep 4, 2017, 1:10 p.m.
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China-based mining firm Bitmain is to receive a $50 million investment from a number of venture capital firms, according to Bloomberg.
One of the world's largest bitcoin miners and producers of mining hardware, Bitmain is reported to be raising the funding from participants including Sequoia Capital, ING Capital and several other undisclosed investors as part of a plan to raise its profile among investors.
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Bloomberg also said the firm intends to expand into production of chips for artificial intelligence and set up mining farms in the U.S.
The unnamed source, according to the report, claimed the investing companies also intend to offer Bitmain management advice as part of the deal.
Bitmain's mining pool – by which miners combine their efforts to have a better chance of solving blocks and receiving bitcoin rewards – is currently the second most powerful globally. At press time, Antpool, as it's called, controlled 15.3 percent of the network's total hashing power.
Bitcoin miners image via Shutterstock
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‘Bitcoin to zero’ searches spike in the U.S., but the bottom signal is mixed
Google Trends data shows the term hit a record high in the U.S. this month, though global interest has fallen since peaking in August.
What to know:
- U.S. searches for “bitcoin zero” on Google hit a record high in February as BTC slid toward $60,000 after hitting a peak in October.
- In the rest of the world, searches for the term peaked in August, suggesting fear is concentrated in the U.S. rather than worldwide.
- Similar U.S. search spikes in 2021 and 2022 coincided with local bottoms.
- Because Google Trends measures relative interest on a 0-to-100 scale amid a much larger bitcoin user base today, the latest U.S. spike signals elevated retail anxiety, but does not reliably guarantee a clean contrarian reversal.
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