Ebang BTC Mining Equipment Manufacturer to Go for IPO

Ebang raised 925 million yuan ($141 million) in revenue in 2017 alone, marking a 17-time year-on-year growth compared with 2016
25 June 2018   455

A major Chinese manufacturer of mining equipment Ebang Communication is planning to become a public company, whose shares will be traded on the Hong Kong Stock Exchange (HKEX). This is reported by CoinDesk.

The company filed a preliminary application for an initial public offering (IPO) on the HKEX. It is not yet known how much Ebang is valued, and how much it plans to attract during the IPO.

For the first time, Ebang's plans to enter the IPO became known in May this year. Then it was reported that the company is actively consulting on this issue, and is also going to raise $ 1 billion.

Note that the financial performance of the company Ebang demonstrate more than a confident growth. So, over the past year, the company's revenue increased 17 times, amounting to 925 million yuan ($ 141 million). Compared to the previous period, net profit in 2017 increased by 34 times, amounting to 380 million yuan ($ 60 million).

In 2017, 94.6% of total revenue was sold by bitcoin miners. It is noteworthy that in 2015 and 2016 these indicators were 31% and 42% respectively.

Founded in 2010, Ebang Communication originally specialized in products for the telecommunications industry. After a while the company reoriented to the mining industry. The first miners called Ebit were released in 2016. Currently, Ebang is engaged in the production of bitcoin-miners based on 7-nm chips.

South Korea to Allocate $880M for Tech Including DLT

The goal is to "focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy"
16 August 2018   118

In 2019, the government of South Korea plans to invest more than $ 880 million in accelerating the development of innovative technologies, such as blockchain, CoinDesk reports.

Deputy Prime Minister Kim Dong Yeon held a ministerial meeting to work out an investment plan for the government to develop innovations for the next five years.

According to the website of the Ministry of Economy and Finance of South Korea, the government allocated 1 trillion won (about 880 million dollars) - 80% more than in 2018 - for the development of technologies like blockchaain, big data and AI in 2019. In addition, the agency said that in the next 5 year total investments of 8-9 billion dollars are planed.

The goal is to "focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy," the press release said.

The investment plan does not specify how much money will be invested in each of these areas separately. There's no info wether it will be allocated to mining facilities.

Earlier, the Ministry of Information and Communication Technology of South Korea reported that in 2019 will allocate $ 9 million to invest in blockchain start-ups. In addition, in June it became known that the same ministry was cooperating with other state agencies on the development of six pilot programs, within which the block would be used in large government services.