Bitmain earned ~$1bn in the 1st quater! Blok One LongAccording to figures mentioned in the email, Bitmain earned around $1 billion in net profit in the first quarter of 2018, with an estimated $2 to $3 billion in profit for the year. The email notes that Bitmain plans to raise more funds for a total valuation of around $14 billion, a figure almost 17 percent higher than the $12 billion figure reported after a Series B June funding round. Bitmain also saw $1.2 billion in net profit and about a 50 percent net margin in 2017, according to an audit by Big Four firm KPMG cited by the email. Bitmain raised between $300 and $400 million from Sequoia Capital subsidiary Sequoia China, U.S. hedge fund Coatue, and Singapore-based governmental investment fund EDBI during its funding round in June. The firm had previously received $50 million in a Series A funding round from Sequoia Capital and IDG Capital in September 2017.