Bitmain
The business, the turning points, and the decisions behind them.
Some sections are still being researched2 / 4
Sections to complete：02 · 05
01 / WHAT IT BUILT
What the company did
Bitmain is the world's largest maker of Bitcoin mining hardware, founded in Beijing in 2013 by Jihan Wu and Micree Zhan Ketuan. Its Antminer ASIC machines came to dominate Bitcoin mining, and at its peak the company was valued at $14.5 billion, with $750 million-plus raised. It rode the 2017 crypto boom, filed for a Hong Kong IPO in September 2018 that lapsed in March 2019, and was then consumed by a two-year co-founder power struggle (2019-2020) between Wu and Zhan over control, culminating in a settlement and Wu's withdrawal. Bitmain continues to operate as the leading ASIC manufacturer.
02 / FAILURE REASONS
Material for this section is being gathered and checked. It will appear here once ready.
03 / EVENT HISTORY
Events in the structured record
- Founded
Jihan Wu and Micree Zhan Ketuan founded Bitmain in Beijing; its Antminer ASICs came to dominate Bitcoin mining.
- IPO filed, near-collapse
Bitmain filed for a Hong Kong IPO in September 2018 (lapsed March 2019); a $500M loss, mass layoffs and the Bitcoin Cash hash war nearly broke the company.
- Co-founder war
Wu ousted Zhan in October 2019; Zhan returned in 2020, hard-forking production and delaying miner shipments, until a 2021 settlement ended the dispute and Wu withdrew.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN / AFTERMATH
Material for this section is being gathered and checked. It will appear here once ready.