5 Billionaires Join China’s Wealthiest List, Thanks To Bitmain

Oct 15, 2018 at 10:28 Update Date :Oct 15, 2018 at 10:28 UTC

Bitmain’s market lead on cryptocurrency led five billionaires to join China’s wealthiest list for 2018.

Bitmain’s founders, CEO, and Vice President now are included in the Hurun Rich list. The five of them have combined wealth worth $9 billion USD.

Although Jihan Wu is the most associated name with Bitcoin but co-founder Ketuan Zhan is the largest in the shareholder name of Bitmain. Jihan Wu owns around 20.25 percent while Zhen owns 36 percent. Apart from these names, co-founder Zhaofeng Zhao owns 6.26 percent.

As per Hurun Rich List, Zhan is worth more than $4 billion, Wu over $2 billion and Zhao comes under one billion in USD along with Bitmain colleagues, Yuesheng Ge and Yishuo Hu. They all are in the list of billionaires in Chinese yuan.

Jihan Wu, an analyst and equity fund manager, translated the BTC white paper of Satoshi Nakamoto into Chinese and also pitched the idea of developing ASIC chips to Ketuan Zhan.

In 2013, Bitmain was created and has the monopoly on ASIC miner machinery and currently running Antpool – Bitcoin’s most powerful mining pool.

Bitmain’s monopoly, with market value of $2 billion, covers around 75 percent of the global market. Bitmain has raised around $800 million in funding since 2017. And since June 2018, it is spending on deals that includes stake purchase in Opera web browser.

This year Bitmain is all set to make $10 billion in revenue that could be worth between $12 and $18 billion. Bitmain is planning to take the company public by listing on the Stock Exchange of Hong Kong. It holds a balance close to $900 million in assets of cryptocurrency.

Along with the leader of Bitmain, Hurun Rich List also include CEO of Binance Chanpeng Zhao, Founder of OKCoin Star Zu, and Nangeng Zhang, founder of Ebang International Holdings.

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