Cryptocurrencies: Bitmain Spreads Its Wings

Bitmain Spreads Its Wings

Bitmain And Opera

It looks as if Bitmain is hedging its bets and moving into another marketplace. The Bitcoin ASIC mining machine specialist – and in fact the largest manufacturer of the computers – is all set to purchase nearly half (43%) of the recently released shares of Opera.

operaOpera – one of the major global browsers around the world – is on the look out for funds and requested an Initial Public Offering last week from Nasdaq. It is hoped that the Initial Public Offering can raise $115 million. Although Opera does operate like many of the other internet browsers out there, it does have a couple of USPs that separate it out from the rest – a VPN that is built into the software along with an ad-blocker. Both features are extremely popular with customers. Although the market share of Opera is nowhere near that of Google – which hold 59% of the market – the browser does have impressive 300 million customers over its desktop and mobile applications. And it is this number that is the basis for the Initial Public Offering. It has been estimated that the value of these 300 million customers is $115 million.

The $50 million input from Bitmain will undoubtedly put Opera at ease. China based Bitmain is a big player in the Cryptocurrency market and has an in-depth knowledge of the new digital economy. This can only support Opera and guide it into the next generation. Although at the moment, there is no clarity on how Opera and Bitmain will work together and what the plans are. No doubt this will all become clear over the coming months.

The Bitmain Dominance

However, Bitmain certainly is cash rich so it is no surprise that it has moved into another industry after making a fortune on Bitcoin. It has been reported that Bitmain profited $4 billion in 2017. Bitmain has also just secured a spot as one of the 21 EOS block producers further expanding its hold of the Cryptocurrency industry. The block production process on EOS is the equivalent of the mining process on Bitcoin, but a lot less power intensive. This is a huge accolade for the company considering that it secured its place through the votes of the customers of EOS. It also proves the confidence that Cryptocurrency users have with the company.

Bitmain And PoWx

You cannot help but wonder whether this Opera-based decision has anything to do with the latest news about the recent announcement that foundation PoWx has been launched. This new organisation could well completely change the way that Bitcoin is mined and this would naturally have a massive impact on Bitmain. The PoWx solution uses lasers as opposed to the very power heavy and environment unfriendly ASIC approach. As miners seek out cheaper and more greener ways to mine their Bitcoin, PoWx could become the new big player in Bitcoin mining. It remains to be seen whether PoWx will be adopted by customers but the timing of the move into a new sector of Bitmain is interesting.

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