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   1177

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.

SBI Holdings to Start Mining Chips Manufacturing

The new enterprise will work in partnership with an unnamed major semiconductor manufacturer from the United States
22 March 2019   109

The Japanese financial conglomerate SBI Holdings announced the creation of a new enterprise that will focus on the production of chips and cryptocurrency mining systems.

The message on the company's website says that SBI Mining Chip Co. (SBIMC) is part of SBI Holdings digital asset strategy.

The new enterprise will work in partnership with an unnamed major semiconductor manufacturer from the United States, and a former head of Chip Estimate and WearSens Adam Trademan, will head it. Currently, Trademan heads the BRD mobile cryptocurrency wallet development company, in which SBI Holdings invested $ 15 million in January of this year.

Recall that its plans to launch a broad offensive against the cryptocurrency industry were announced by SBI Holdings in October 2017. Since then, the corporation has made numerous investments in various projects, and also intends to promote the mass adoption and practical use of the RR Xle XRP token.