Bitcoin Mining Monopoly Bitmain May Branch Out From Crypto

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Cryptocurrency investors are not getting any respite from the bearish mood of the market as, once again, Bitcoin dipped below $6,000 to reach a near 2018 low on Tuesday. The market has been hit by uncertainty over the upcoming cryptocurrency regulations from various jurisdictions across the world, and in the middle of all of this, arrives the rumours of Bitmain’s plans of cashing out of Bitcoin. Bitmain IPO Could Create a New Tech Giant Bitmain is a seller of ASIC chips and among the biggest cryptocurrency mining pools in the world. It reported a revenue of $2 billion in Q1 2018, and projects to achieve $10 billion in annual revenue, provided the cryptocurrency market does not tumble further. The company is now planning on an IPO for venturing into artificial intelligence, and it expects that it will generate 40% of its revenue in the next 5 years. The company has