Bitmain To Finally Conduct An IPO In Hong Kong

Sep 26, 2018 at 22:30 Update Date :Sep 26, 2018 at 22:30 UTC

The world’s biggest crypto mining hardware producer Bitmain has at long last recorded an initial public offering (IPO) with the Stock Exchange of Hong Kong.

The value of acquiring Bitmain through its IPO is very clear; as its official IPO record unequivocally underscored, Bitmain has more than 74.5% piece of the pie, representing by far most of crypto mining hardware shipments in the worldwide market.

“According to Frost & Sullivan, we are the largest global ASIC-based cryptocurrency mining hardware company in terms of sales revenue in 2017, accounting for a market share of 74.5%. We offer a variety of mining hardware equipped with proprietary ASIC chips under our Antminer brand,” the IPO filing read.

The predominance of Bitmain over the crypto mining area is as of now a strong pitching point to financial specialists. Be that as it may, since 2015, Bitmain has figured out how to record an amazing 328.2 percent yearly income growth, as it saw its income rise from $137.3 million out of 2015 to $2.5 billion out of 2017.

In mid-2018, the mining goliath multiplied the net revenue of Nvidia, the biggest graphics card producer in the innovation division, creating more than $1.1 billion, exhibiting a net revenue that is twice as extensive as that of Nvidia which recorded a quarterly benefit of $550 million.

“Bitmain reportedly brought in $1.1 billion in net profit just in the first quarter of 2018. According to the email, a conservative estimate of what the company could earn in net profit for the full year hovers at approximately $2 to $3 billion,” a report of Fortune read.

The $1.1 billion quarterly benefit of Bitmain is honourable, given that the combination created $2.5 billion of every 2017. In the main quarter of this current year, Bitmain recorded 50% of the benefit it acquired all through the year before that.

Close by its lucrative crypto mining hardware producing business, Bitmain works upon 11 mining centers in China and two noteworthy mining pools, and Antpool. As per the IPO record, as of August 2018, and Antpool represented 37.1% of the hashrate of the Bitcoin network, which is more than 33% of the processing intensity of the Bitcoin network.

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