ViaBTC increased cloud mining commission

The main reason for raising the commission is the lack of resources
16 January 2018   1110

The Chinese Mining Pool ViaBTC announced its intention to increase the commission charged under the contracts for cloud mining, citing increased pressure from regulators.

ViaBTC reports that it will temporarily raise the commission for servicing the AntMiner S9 miners, which are provided to customers through cloud mining contracts, from 6% to 50%. At the time of publication, ViaBTC accounts for 14.1% of the hash-capacity of the bitcoin network.

As a reason for such a decision, ViaBTC noted the deficit of the mining resources in China, caused by the latest actions of local regulators.

Recently, due to policy changes, some of our long-term hosting partners are facing a crisis of farm closure as mining resources in Mainland China become more scarce, leading to rocketing costs of our cloud mining operation. To guarantee the long run of cloud mining, ViaBTC has no choice but have to readjust our maintenance fees. 

ViaBTC Team

Although ViaBTC reports that these measures are temporary, the specific time frame isn't specified. At the same time, users who are owners of mining contracts for AntMiner S9 have the right to cancel them before January 18.

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