China will not ban bitcoin mining

Beijing has been concerned for a long time that in some regions miners abuse the low cost of electricity, which sometimes disrupts the normal electricity usage
05 January 2018   1610

Representatives of the People's Bank of China denied the earlier rumors about a possible ban on bitcoin mining, but intend to gradually eliminate the existing preferential terms for this business in the field of electricity, taxes and land use. This is reported by CoinDesk.

Reports on the likelihood of a ban on mining in China appeared on Wednesday, January 3. As it was stated, at the closed meeting of the NBK, the plan for limiting the supply of electricity to the cryptocurrency miners was discussed.

However, as Caixin writes, no meeting was held on that date.

At the same time, the publication confirmed that the Chinese authorities are really considering the possibility of withdrawing the preferences that the mining companies have recently used.

It is alleged that official Beijing has been concerned for a long time that in some regions of the country, miners abuse the low cost of electricity, which sometimes disrupts the normal mode of using electricity.

To date, China has concentrated a number of the world's largest farms for cryptocurrency mining, which use huge computing power. With an increased demand for electricity, the infrastructure is sometimes trivial.

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   384

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