Korean Miners Caught Using Factory Electricity

From 100 to 350 mining devices were installed by each company
02 April 2018   914

South Korean police arrested 14 people from 13 companies for illegally using cheap electricity to mine cryptocurrencies at industrial complexes.

Mining activities were taking place in four different complexes in the city of Gwangju. Illegal miners had 10 percent lower electricity costs compared to companies in general areas, as well as lower rents.

From 100 to 350 mining devices were installed by each company; mining process started since May 2017.

Six companies were located in 

  • Hanam
  • Nano
  • Pyeongdong

Industrial Complexes.

This isn't the first time miners are suspected in illegal using of subsidized electricity in public or office areas in the country. August 2017, an electronics retail marketplace in South Korea reportedly took the unusual step of outlawing vendors from mining bitcoin in their stores.

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