Bitcoin Miners Are Heading to Wenatchee

Wenatchee, Washington is famous for its vast hydropower potential
15 February 2018   1204

Locally called the ‘Buckle of the Power Belt’ state’s Columbia River- fueled dams are famous for their hydroelectric power, which produces cheap energy rates. This feature attracts people who are interested in mining coins. More than that Wenatchee is interested miners to be home to Dell, Yahoo and Microsoft data-storage facilities.

In Wenatchee fetch rates as low as $0.02 to $0.03 per kW hour. This is very attractive because typically mining runs 24/7, which requires intense cooling systems to prevent the servers from overheating. It involves consumption of enormous amounts of power.

According to Wenatchee, Wash. Mayor Frank Kuntz, at the moment UPS or FedEx are delivering a whole bunch of bitcoin mining machines. This may require more electricity infrastructure in the region.

At the moment, officials are discussing US infrastructure reform, but without an overhaul of the electrical grid, the demand could overwhelm the power systems, leading to power outages.

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   412

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