HKEX CEO to Question Crypto Miner IPO Filings

Bitmain, Canaan Creative and Ebang have submitted IPO applications for HKEX, still no reply
24 January 2019   1185

The CEO of the Hong Kong Stock Exchange (HKEX), Li Xiaojia, said that companies that are applying for an IPO must demonstrate a “sustainable” business model. A radical change of activities, in his opinion, can only indicate the absence of such. It is reported by CoinDesk.

Responding to a question about the requests of mining companies, Xiaojia stressed that it is important for HKEX to understand that, despite the change in direction, the first business model still makes a profit. At the same time, according to him, during the consideration of applications, the exchange assesses the adaptability of companies to changing market conditions.

Manufacturers of mining equipment Bitmain, Canaan Creative and Ebang have submitted IPO applications for HKEX, but still have not received approval.

Earlier, the media have already reported that the HKEX is concerned about the unstable situation in the cryptocurrency market.

It should be added that OKCoin received HKEX approval for the purchase of a 60.49% stake in LEAP Holdings Group, a public company, which may allow it to enter the stock exchange without an IPO soon.

SBI Holdings & GMO Internet to Use Largest BTC Farm

The companies allegedly made a deal with Whinstone Inc., that is going to launch almost 100 acres big mining farm in Texas soon
08 January 2020   123

Japanese financial conglomerate SBI Holdings and IT giant GMO Internet intend to mine bitcoins at the world's largest mining farm in Texas, Bloomberg reports citing sources familiar with the situation.

The companies allegedly made a deal with Whinstone Inc., a Northern Bitcoin subsidiary building a data center near Rockdale, to start cooperation in the coming months. Such a partnership is expected to help Northern Bitcoin attract more large investors.

Nevertheless, company representatives declined to comment on the information on cooperation.

As you may remember, Northern Bitcoin signed a merger agreement with Whinstone last November.

According to plans, after the construction is completed, the maximum capacity of the data center will reach 1 GW, and the facility itself will occupy an area of ​​more than 40 hectares, which is equivalent to 57 football fields.