Mining Chip Maker Ebang Next in Line to File for US IPO

Ebang, the ASIC chip and mining rig producer based mostly in Hangzhou, China is allegedly submitting for an preliminary public providing (IPO) within the U.S. following Canaan’s current Nasdaq itemizing and Bitmain’s secret IPO submitting. The world’s third-largest bitcoin mining {hardware} producer plans to observe Canaan’s footsteps with an try and be listed on the American inventory trade Nasdaq.

Additionally learn: Mining Large Bitmain Confidentially Information for U.S.-Primarily based IPO

Ebang Plans to File an IPO within the U.S.

Bitcoin mining has change into an more and more aggressive business and now three of the biggest mining {hardware} producers in China hope to leverage public choices. Lately Canaan filed for IPO standing within the U.S. and shares are already listed below the ticker NASDAQ: CAN. Additional, over the past week of October, reviews disclosed that Bitmain confidentially filed for a U.S.-Primarily based IPO. On December 4, regional information retailers revealed that ASIC chip and mining rig firm Ebang plans to file for IPO standing within the U.S. within the close to future. The associate on the blockchain enterprise capital agency Linkvc, Zhang Li detailed that he “confirmed” the IPO submitting with the agency and “[Ebang] is planning to record on the Nasdaq as properly.” “Go, go, China’s mining business,” Zhang added.

Mining Chip Maker Ebang Next in Line to File for US IPO

The native crypto publication 8btc reached out to Ebang, however the Hangzhou-based agency declined to remark on the matter. Created in 2010, Ebang claims to seize roughly 9.2% of the share of mining tools gross sales worldwide. The Chinese language agency additionally filed for an IPO standing on Hong Kong’s inventory trade (HKEX), however let the submitting lapse in June. Bitmain filed for an IPO in Hong Kong however let the submitting expire as properly. When Ebang filed for the Hong Kong IPO, sources mentioned the corporate would try and promote its inventory for $400 million. The HKEX submitting database that present’s Ebang’s prospectus famous the corporate misplaced important earnings in Q3 2018. “We skilled important decreases in income and gross revenue for the three months ended September 30, 2018, in comparison with the previous three months ended June 30, 2018,” Ebang’s HKEX submitting reads. The $400 million determine was lowered after the poor earnings throughout the crypto winter of 2018 when it was initially reported by Reuters in August that Ebang was looking for $1 billion.

Mining Chip Maker Ebang Next in Line to File for US IPO
The mining producer Canaan is now listed on Nasdaq, and Bitmain Applied sciences has allegedly filed for IPO as properly.

From Telecommunication {Hardware} to In-Home ASIC Manufacturing

It’s presently unknown what Ebang will try to lift when it recordsdata within the U.S., however Canaan raised $90 million. Allegedly, Bitmain’s confidential IPO submitting is capturing for $500 million and can use Nasdaq for itemizing as properly. Ebang calls its mining machine collection ‘Ebit’ and the Ebit E11++ is the eighth most worthwhile bitcoin miner available on the market immediately at present costs.

Mining Chip Maker Ebang Next in Line to File for US IPO

The machine was launched in October 2018 and claims to course of 44 terahash per second (TH/s) with 1980W off the wall. Ebang simply bought out of the corporate’s newest launch, the Ebit E12+ that processes 50 TH/s of SHA256 hashrate utilizing its independently created 10nm chip referred to as the “DW1233.” The Ebit E12+ bought for $2,410 per unit on the firm’s webshop. The Ebit E11++ (44 TH/s) items are additionally bought out, however older Ebit fashions with decrease hashrates can nonetheless be bought.

Mining Chip Maker Ebang Next in Line to File for US IPO

Initially, when Ebang was created, the corporate devoted its efforts to manufacturing merchandise for telecommunication companies, however later launched Ebit bitcoin miners. The most recent transfer to go public additionally follows Ebang’s partnership with the HKEX-listed firm Madison in October. In response to reviews, Ebang signed an MOU with Madison and the corporate would purchase greater than $100 million value of blockchain-related {hardware}.

What do you concentrate on Ebang going public within the U.S.? What do you concentrate on all three main Chinese language mining producers going IPO? Do you assume this can assist bolster the mining business? Tell us what you concentrate on this topic within the feedback part beneath.

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Picture credit: Shutterstock, Ebang Communications, Canaan,


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Tags on this story
10nm Chips, Bitcoin, Bitcoin mining, Bitmain, Canaan, Ebang, ebang communications, Ebit, Ebit E12+, Hashrate, HKEX submitting, Hong Kong, preliminary public providing, ipo, Madison, mining, mining rigs, nasdaq, NASDAQ: CAN, Inventory Market

Jamie Redman

Jamie Redman is a monetary tech journalist dwelling in Florida. Redman has been an energetic member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open supply code, and decentralized functions. Redman has written 1000’s of articles for information.Bitcoin.com concerning the disruptive protocols rising immediately.





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