Skip to main content

Mining Round-Up: Ebang Files for IPO in HK, Miner Arrested in China

In recent mining news, major mining chip manufacturer Ebang Communications has filed for an Initial Public Offering (IPO) in Hong Kong, a Chinese miner has been arrested for allegedly stealing 150,000 kilowatt-hours (kWh) of electricity in roughly one month, and a report has provided unique insight into the state of mining in the Russian exclave of Kaliningrad.

Also Read: FBI Currently Investigating 130 Crypto-Related Cases

Chip Manufacturer Ebang Communications Files for IPO in Hong Kong

Major mining chip manufacturer Ebang Communication has become the latest leading firm operating in the bitcoin mining industry to file for an IPO in Hong Kong.

The company’s application for IPO is in its draft form, and as such does not state the volume of funds that Ebang seeks to raise, nor does it disclose a valuation for the company. According to financial statements included in the application, Ebang generated approximately $140 million USD in revenue and $60 million in net profit during 2017. The financial statement also estimates that more than 94% of the company’s revenues for 2017 were generated through the sale of bitcoin miners, a significant spike from 31% in 2015 and 42% in 2016.

Last month, Reuters reported that Ebang Communications was rumored to be seeking to conduct a $1 billion IPO in Hong Kong. The report stated that earlier this year Ebang “delisted from China’s National Equities Exchange and Quotations […] after announcing in January that it would seek a Hong Kong listing.”

Earlier this year, Canaan Creative revealed it would be seeking to conduct a $1 billion IPO in Hong Kong. At the start of June, the chief executive officer of Bitmain, Jihan Wu, indicate that the company is open to conducting an overseas IPO in Hong Kong, or any jurisdiction in which shares would be denominated in U.S. dollars.

Chinese Miner Arrested for Allegedly Stealing 150,000 KWH of Electricity

Mining Round-Up: Ebang Files for IPO in HK, Miner Arrested in ChinaMore than 200 mining rigs have been confiscated by police in China’s Anhui Province following the arrest of a man accused of stealing 150,000 kWh of electricity in roughly a month.

According to state-operating Chinese media outlet, Xinhua News, police found that the electricity meter for the alleged mining operation had been “short-circuited” in an attempt to obfuscate the scale of power being consumed by the hardware.

The suspect reportedly told police that he purchased his mining hardware in April, however, discovered that the daily operating costs of his operations exceeded 6,000 yuan (approximately $925 USD). The suspect also claimed that he had not yet generated a profit on the operation at the time of his arrest.

“Whatever is not Illegal is Legal” – Mining in the Russian Province of Kaliningrad

Mining Round-Up: Ebang Files for IPO in HK, Miner Arrested in ChinaA recent report published by Financial Times has provided an insight into the present state of mining operations in the Russian province of Kaliningrad, a Russian exclave situated between Lithuania and Poland on the edge of the Baltic Sea.

The article states that the author met with Kaliningrad Region Development Corporation (KRDC) – a state-owned institution tasked with attracting and fostering investment into the region. The report reveals that the KRDC had recently shown two datacenters to prospective mining investors, both of which were purchased by the entrepreneurs who invested $50 million USD into the sites.

Regarding the legal status of cryptocurrency mining in Kaliningrad, Sergei Evstigneev, the region’s IT and communications minister, stated “Whatever is not illegal is legal. There are no laws regarding cryptocurrency mining because it’s a new kind of business.”

Vladimir Zarudny, the KRDC’s director-general, stated “Kaliningrad has become a kind of lab where we can test new initiatives and legislation. We think we could be a liberal Russian territory which is friendly for doing business, and a gateway to Russian markets.”

Do you think more mining companies will file for IPOs in Hong Kong? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, Ebang.cn

Why not keep track of the price with one of Bitcoin.com’s widget services.

The post Mining Round-Up: Ebang Files for IPO in HK, Miner Arrested in China appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2IwsQSN
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more