In recent mining news, major mining chip manufacturer Ebang Communications has filed for an Initial Public Offering (IPO) in Hong Kong, a Chinese miner has been arrested for allegedly stealing 150,000 kilowatt-hours (kWh) of electricity in roughly one month, and a report has provided unique insight into the state of mining in the Russian exclave of Kaliningrad.
Chip Manufacturer Ebang Communications Files for IPO in Hong Kong
Major mining chip manufacturer Ebang Communication has become the latest leading firm operating in the bitcoin mining industry to file for an IPO in Hong Kong.
The company’s application for IPO is in its draft form, and as such does not state the volume of funds that Ebang seeks to raise, nor does it disclose a valuation for the company. According to financial statements included in the application, Ebang generated approximately $140 million USD in revenue and $60 million in net profit during 2017. The financial statement also estimates that more than 94% of the company’s revenues for 2017 were generated through the sale of bitcoin miners, a significant spike from 31% in 2015 and 42% in 2016.
Last month, Reuters reported that Ebang Communications was rumored to be seeking to conduct a $1 billion IPO in Hong Kong. The report stated that earlier this year Ebang “delisted from China’s National Equities Exchange and Quotations […] after announcing in January that it would seek a Hong Kong listing.”
Earlier this year, Canaan Creative revealed it would be seeking to conduct a $1 billion IPO in Hong Kong. At the start of June, the chief executive officer of Bitmain,