Bitmain, the Chinese Bitcoin mining giant, has just moved into office space in downtown San Jose.

Bitmain, which was founded in 2013 by Jihan Wu and Micree Zhan, has taken over a 20,000 square foot space in a downtown office tower. Responsible for nearly half (42%) of all the Bitcoin mining power in the world, they’re currently the major leader in production of mining chips.

Since launching, the company has raised $450 million in funding, $400 million of which came from Sequoia Capital-led round just last month. With that lastest round of funding, Bitmain is valued around $12 billion.

Wu, who was included in a CoinDesk list last year as one of the ten most influential blockchain figures, is considering an IPO, most likely in Hong Kong. Although he’s built an empire and been incredibly successful with Bitcoin, he is known as a major supporter of Bitcoin Cash, which has caused tension between many in the cryptocurrency world.

Regardless, this is a big move for cryptocurrency and blockchain. We’ll likely see more companies open spaces in Silicon Valley in the coming years as cryptocurrency continues to grow and institutional investors get involved.