Bitmain May Raise Additional $1B Before IPO

Bitmain is the largest manufacturer of mining equipment in the world, and its market share is 3-5 times higher than the nearest competitor, Canaan
23 July 2018   1572

The Chinese mining giant Bitmain is supposedly going to raise another $ 1 billion after he successfully completed the round of financing for the B series, during which it received $ 300 million - $ 400 million with the support of Sequoia Capital. This is reported by 8btc.

According to their information, the new round of fund raising will be completed by the end of the month and will raise the company's estimate to $ 15 billion. Bitmain is preparing to conduct an initial public offering (IPO) on the Hong Kong Stock Exchange, expecting to apply for listing in August and campaigning at the end of the year.

Bitmain is the largest manufacturer of mining equipment in the world, and its market share is 3-5 times higher than the nearest competitor, Canaan. Mining pools of Bitmain account for almost 50% of the computing resources of the bitcoin network.

The previous round of financing was led by Sequoia Capital, the American hedge fund Coatue and the Singapore state investment fund EDBI. The firm also raised $ 50 million in a series A round that took place last September.

Founder of Bitmain Cihan Wu said that in 2017 his company earned $ 2.5 billion, which is 8 times higher than in 2016.

Litecoin to Implement Reward Halving Successfully

Block reward was reduced from 25 LTC to 12.5 LTC on block 1,680,000
06 August 2019   110

Today, on August 5, the reward for the Litecoin block for miners was halved.

Halving happened on block 1,680,000, changing the block reward from 25 LTC to 12.5 LTC. The next halving will take place in four years - tentatively on August 2, 2023, as a result of which the block reward will decrease to 6.25 LTC, making digital silver even more scarce.

Litecoin Block Reward Halving Countdown
Litecoin Block Reward Halving Countdown

According to litecoinblockhalf, 75% of the total Litecoin supply has been mined so far. The current inflation rate of the coin is 4.26%, and after four years it should drop to 1.80%.

Many investors were sure that the market had long “digested” the positive expectations in connection with a decrease in cryptocurrency emissions and expected either a sideways price movement or even a decrease in the LTC rate.