Cryptocurrency Giant Bitmain Has Chosen Hong Kong For IPO
Bitmain Technologies, the world’s largest developer of products used for cryptocurrency mining, has confirmed that it will hold an IPO in Hong Kong, which will be an important criterion for institutional investors’ interest in cryptocurrency.
Bitmain made a profit of $ 742 million in the first six months of the year. The bulk of the company’s revenue came from the sale of equipment for the production of cryptocurrencies, the statement said.
The company said it would use the proceeds from the IPO to invest in research and development and expand production.
Bitmain develops a variety of microchips, specialized for mining of cryptocurrencies and applications of artificial intelligence, as well as for the production of cryptocurrencies and AI equipment and management of crypto mining farms.
The price of bitcoin has fallen 65 percent since its peak in December 2017, and on Wednesday, one bitcoin was worth around $6,500. This decline has damaged mining profitability and, in turn, has had a negative impact on mining equipment sales.