Hardware Mining Giant, Ebang, Projects 400,000 Ebit Units For The Year To Rival Bitmain And Canaan
One of the major producers of mining machinery reportedly has plans to manufacture a minimum of 400,000 of its mining rigs before 2019 runs out. Ebang, the manufacturing company, hopes to be able to control the market in the near future as it currently holds about 9.2% of the manufacturing market for crypto mining, worldwide
Ebang’s Sales Projection
In 2017, Ebang successfully sold about 159,000 different units of its mining machinery. The following year, the number doubled in the first half alone with about 309,000 units of its paraphernalia. Even though Ebang has not officially released its reports regarding the whole of 2018, they already did announce much earlier, that there was a significant reduction in sales in the third quarter of the same year. However, this was a problem faced by Ebang alone because at this time, the bear market had begun to affect the sector.
According to the company,
“We experienced significant decreases in revenue and gross profit for the three months ended September 30, 2018 compared to the preceding three months ended June 30, 2018.”
It is important to note, however, that the company is still doing pretty well because it’s projected 400,000 units will most likely still be a significant increase compared to 2017 and even 2018, whenever the exact figures are released.
Ebang Plans To Go Public
At some point or the other, most of the companies who manufacture mining tools for the cryptocurrency market made the decision to go public. Ebang has now decided to follow suit. Based in Hong Kong, Ebang currently has an ongoing application with the Hong Kong Stock Exchange.
Since the Hong Kong Stock Exchange compulsorily necessitates that the time around the IPO be devoid of any public announcements, Ebang has not officially corroborated the proposed figure for the New Year.
Other Pending IPOs With Hong Kong Stock Exchange
Bitmain, another major mining hardware company, also has a pending IPO request at the Hong Kong Stock Exchange. The request which was sent in the third quarter of last year, is alleged to be unstable because the company suffered substantial losses in the same quarter of the same year.
However, no one is sure how the company plans to move forward regarding the IPO seeing that it just launched a new 7nm ASIC chip.
Canaan, a different mining hardware manufacturing company, was the first of the three to request an IPO with the Hong Kong Stock Exchange. Now, however, Canaan is rumored to be planning an application for an IPO in New York.
These three large companies reportedly control at least 82.5% of the entire hardware mining market based on its trade returns.