Coinbase, Binance and Ripple labs are few of the multi million blockchain based companies but Bitmain which is the most popular chip manufacturer known for their bitcoin miners. Back in 2017 they have secured around $3 billion in operating profit placing themselves among the top tech giants. Now they are planning to expand their reach by investing in multiple ventures.
This week Bitmain announced their plans to invest $50 million in Opera web browser which is in its way of completing $110 million IPO round. With this funding, Bitmain will obtain a controlling stake on a company and allows them to integrate features they like to in upcoming version of Opera web browser in future.
Nvidia Vs Bitmain
According to Analysts at Bernstein Research, Bitmain has been able to make as much money as Nvidia have made but Bitmain which is very young chip manufacturer than Nvidia achieved the same profit in just merely 4 years while Nvidia took 24 years. According to Bitmain they are competing with Nvidia not on bitcoin mining chip market but on Artificial Intelligence (AI) market.
“In the future, AI will be everywhere. It will be on cars, it will be on cameras, it will be on servers, in the back end. It’s just like the motor vehicle replacing the horse—it’s a big-time change that can dramatically alter the world. We think that’s a big trend and we need to do that” said Allen Tang, product marketer at Bitmain who also admitted that working on AI also means they also have to compete with INTEL like big giants along with Nvidia. Although analysts like fintech researcher Zarc Gin claims Bitmain now have both technical and financial capacity to compete against other chip manufacturers.
This partnership between Bitmain and Opera web Browser might bring more crypto adoption among mobile users in future.
Read about Opera’s recent move on integrating cryptocurrency wallet on its mobile app.