Jihan Wu and Micree Zhan, founders of the Beijing-primarily based Bitcoin mining employer Bitmain technologies Ltd., welcomed some other milestone this yr. Sequoia and IDG have provided the organisation with $50 mln in funding to support the corporation’s intention of making revolutionary chips for synthetic intelligence, Bloomberg reviews.
Bitmain technologies Ltd. is understood for its mining operations and claims that its personal valuation is “in the billions.” In August it became weighing a likely initial public presenting, even though it’s now not clear if it can move in advance with the ones plans now that China has successfully made ICOs unlawful.
Bitmain additionally runs large Bitcoin mines and leases mining electricity to other individuals and companies. In total, the organization controls 29% of the hashing energy that secures the Bitcoin community, largely via their operation of the mining pool “Antpool.”
With Sequoia and IDG funding, Bitmain might be able to continue their synthetic intelligence initiatives. Bitmain's upcoming artificial intelligence, Sophon, is ready to assignment and compete with other tech giants together with Google, AMD, and Nvidia. The intention of Sophon is to teach neural networks used in the increasing information facilities inside the international. Bitmain is calling at launching their own synthetic intelligence earlier than the quit of 2017.
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