Alibaba May Launch Mining Platform

Mining may be included in the functionality of the main Alibaba platform in the future
17 January 2018   1106

Chinese giant of Internet commerce Alibaba Group has launched a platform for the mining of cryptocurrency. This is reported by CCN with reference to unconfirmed information from local media.

As noted by the Tencent News, on October 10, Alibaba registered a platform based in China's Nanjing called P2P Nodes.

Alibaba has recently launched a virtual currency mining platform “P2P node”, from the terms of the service agreement terms platform, the main operating platform is Alibaba East China Ltd.

Tencent News

The new initiative of the world-famous conglomerate was also reported by the traditional supplier of insider information from China cnLedger. But in few hours, they posted another message.

In a separate message Tencent indicated that the operations on the platform will be carried out in favor of "third parties". Presumably, this means that Alibaba will provide customers with a cloud-based service, allowing them to rent the company's hash capacity.

A local source also says that Alibaba is "extremely circumspect" regarding the new project. So, the clients of the platform will be able to widthraw only fiat money using the Alipay service. At the same time, according to the conditions of using the service, the ability to output crypto currency directly is inaccessible.

It is worth noting that recently the founder of Alibaba, Jack Ma, stated that his company would not engage in activities related to crypto-currencies.

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   425

The largest mining company Bitmain has submitted to the Hong Kong Stock Exchange (HKEX) listing application for an initial public offering (IPO), according to CoinDesk.

The application is a draft option, and some of its details, in particular the number of shares offered for sale and the immediate date of the IPO, are still in the process of editing.

Nevertheless, the document indicates that last year Bitmain's revenue was $ 2,517,719,000. This figure is higher than in 2016 ($ 277,612,000). As of June 30, 2018, the company's revenue was $ 2,845,467,000.

The application said that in 2017 the gross profit of the company was $ 1 212.7 million, which is also higher than in 2016 ($ 151,351,000).

Earlier, the head of Bitmain, Jihan Wu, expressed his indignation over the actions of the company's chief financial officer, who disclosed the figures for the first quarter 60 days after his end, and not after 90, as he had expected.

The media suggested that in the run-up to the IPO the publication of such information could have a negative effect on the company's investment attractiveness.

In addition, the document confirmed the media's information that Bitmain owns a 3% stake in Opera's Internet browser thanks to an investment of $ 50 million.

The application also indicates that the underwriters of the IPO are China International Capital Corporation Hong Kong Securities Limited, Commerce and Finance Law Offices, Maples and Calder LLP, KPMG and Frost & Sulliva