Bloomberg confirmed on June 7 that Jihan Wu, CEO of crypto mining hardware giant Bitmain, is "open" to conduct an overseas IPO (Initial Public Offering)
based in China Claiming to have 28 percent of Bitmain Wu said in an interview in Hong Kong that an IPO to run in the stock market or any stock market where the US dollar is dominant would allow early supporters to convert funds into cash
Potential moves will mimic Canaan one of the company's main competitors, explaining the intent of realizing an IPO in the past month.
Canaan says that about a quarter of Bitcoin's mining chip market While Bitmain's share is still the biggest share with 75 percent. Wu said to Bloomberg: "The Bitmain is making a lot of effort to protect its advantage."
If the project takes place, the company will be able to get a significant price and value from Hong Kong investors due to its first move advantage. Mizuho Securities Asia analyst Kevin Wan g said to Bloomberg:
"They will get an extra premium when valued for the few options, but how long is the business sustainable question mark. "
Bitcoin mining is maintaining its position as an industrial-scale enterprise that attracts large costs. In May we published a research report that estimated that the crypto money mining industry would consume 0.5% of the world's total energy until the end of 2018.
Source: Coin Telegraph