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China’s Rich List Includes 5 Crypto Billionaires Courtesy of Bitmain

The latest Hurun Rich List comprises five crypto billionaires courtesy of Bitmain. The list is compiled by the Hurun Research Institute and consists of the wealthiest people in China.

Now, following the explosion of cryptos last year, this year’s list sees many new members enter the wealthy group courtesy of cryptocurrencies.

Bitmain Itself Adds Five To The List

Bitmain is the leading manufacturer of ASIC chips in the world with 75 percent of the global market. The company also controls Antpool one of the largest bitcoin mining pools.

This dominance has seen the revenues of the company grow exponentially. Something that has seen five members of the firm enters the Chinese rich list. The five include three founders, the CEO and the vice president who have a combined wealth of about $9 billion.

Jihan Wu, Bitmain’s founder, is the person who is mostly associated with the company, however, Ketuan Zhan, a co-founder is the largest shareholder of the company. Zhan owns 36 percent compared to Wu’s 20.25 percent. Also, another cofounder Zhaofeng owns 6.26 percent.

According to the Hurun Rich List, Zhan’s share sees him worth over $4 billion. Wu is worth over $2 billion. Also, Zhao and fellow Bitmain colleagues Yishuo Hu and Yuesheng Ge come under one billion USD each but, they manage to enter the list of billionaires in Chinese yuan.

Bitmain was launched in 2013. It was the idea of Wu, an analyst and equity manager by profession. After coming across the Bitcoin Whitepaper, he was impressed and went ahead to translate it into Chinese. Convinced by Bitcoin’s potential, he pitched the idea of developing ASIC chips to Zhan.

Last month the company published a draft prospectus that offers an inside look at the company’s bitcoin mining empire.

The firm is pushing for listing on the Hong Kong stock exchange, and the brochure allows interested investors to see how profitable the mining hardware manufacturer is and how the company is investing for the future.

Also, joining the leaders of Bitmain on the 2018 Hurun Rich List is OKCoin founder Star Zu, Binance CEO Changpeng Zhao, and Nangeng Zhang the founder of Ebang International Holdings.

 

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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