BTC Mining Leader Bitmain Preparing For Record Breaking IPO: Report
The major definite force of the cryptocurrency mining community is now preparing to go public in what could be a record-setting offering for the entire industry.
Bloomberg reports have also shown that a China Based company, fronted by the highly debatable CEO Jihan Wu, is now quietly laying new footwork to help launch an IPO or initial public offering very soon here in the future.
With this end in sight, Bitmain will begin to hopefully step out of the shadows of where they’ve been lurking – for at least some time with the ordinarily excited Wy, who has been doing more and more pubic interviews. He told the publication the company was able to pull in more than $2.5 billion in sales just last year alone, which is a number lower than guessed by analysts but still considerable.
In accordance to other estimates, Bitmain also controls more than 80% of the manufacturing market for different application specific integrated circuits or ASICs in short. These mining devices once created specifically for the mining algorithm – took over the GPU miners for all general purposes.
Canaan Creative, who had devices that accounted for about 15 percent of the ASIC market, just released their Hong Kong IPO and are predicted to bring in $1 Billion through it.
Wu was also heard to say that he thought Bitmain was worth roughly $12 Billion while other people have placed closer to $8.8 billion. Bitmain has brought in as much as 12 times the revenue of Canaan in 2017 alone, which could make Wu’s prediction possible if they are able depending on how much they raise through their personal IPO.
Regardless of the exact figure, Bitmain is no doubt one of the most valued organization in the cryptocurrency industry, and the dearth of public cryptocurrency platforms could pave the way for investors to start paying higher prices for their shares.
But the CCN clearly reported that Bitmain has slowly but surely been growing their product line past that of just mining, even while preparing to take this aspect of the company to the mainstream public on a worldwide scale.
In addition, Bitmain is using the power of their expertise in ASIC mining technologies to cut their corner of the market share in China’s AI industry – where the Chinese government is in more in favor of local projects which has basically shut down the Western giant Google.
The company’s huge Artificial Intelligence success is not just a mishap coinciding with the decline in the cryptocurrency market. It is also , not like cryptocurrency mining, widely accepted as a viable industry with very clear government approval.
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