Global GPU Shortage Leads Miners to Asia

The global shortage of GPUs leads to a hike in the prices and shift of miners to Hong Kong and Singapore for cheaper rigs  
21 February 2018   1140

The boom in crypto mining and rise in bitcoin price led to the shortage of GPUs globally. That is why miners headed to Hong Kong and Singapore for cheaper rigs.
Graphics cards are an efficient way to mine cryptocurrencies. As a result, the price of these GPUs is scaling through the ceiling. A good card can make good profits over a year.

According to the retailers, during the crypto market correction, there has been a dip in the demand for cards. But now as the bitcoin prices are rising, it has been speculated that the GPU depends will surpass that of last year.

Retailers are trying to take advantage of this situation, by speculation of the prices. For example, the market players like Amazon will try to profit from the current scenario.
Miners are coming to Asia to purchase mining hardware.

Sim Lim Square in Singapore and Sham Shui Po in Hong Kong are packed with people for these rigs. The primary reason for Hong Kong being a hot place for these purchases is that there is no sales tax here. Moreover, the place is closer to the component manufacturers of China.

It’s 30-50 percent cheaper to buy equipment related to crypto-mining in Hong Kong than in Europe.

One of bitcoin miner

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   386

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