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Today's Gazette – Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News

Today's Gazette – Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News

Bitmain Files $18 Billion IPO

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Bitmain Files $18 Billion IPO

Bitmain has  created a spot for itself as the world’s largest producer of cryptocurrency mining chips. The big shot is filing for an initial public offering (IPO)  scheduled for September.

Bitmain aims to go public and by the end of this year or by the beginning of next year the mining chips producer aims to be listed on the Hong Kong Stock Exchange.

The IPO Bitmain is planning would be valued at $18 billion with a market capitalization of $40 to $50 billion. The company aims to get value in real time by placing its shares in the stock market. Bitmain had earlier in July closed a $1 billion pre-IPO financing round which was valued at $15 billion.

Profits Launched by the IPO

The mining giant is proving to be of immerse value with its IPO. Although projected share price and volume have not yet been disclosed, the estimated price earning ratio given by investment banks is 20 for the first year they trade as a public company.

The combine earnings from the holdings of the co founders would amount to $40-60 billion.

The Beijing- based company was founded by Jihan Wu about five years ago. The revenue the company made in the first sixth months of 2018 alone amounted to $2.5 billion.

The last venture funding the company embarked on before filing for the IPO was led by Sequoia Capital China. The venture was done in collaboration with IDG Capital, Coatue Management, DST Global and EDBI and GIC and yieldee $50 million series A and $400 million series B rounds.

Miners for Amateurs

Bitmain has made a revenue from the last 3 years that is  estimated at more than $20 billion from its Bitcoin holdings.

Asides making profits from it’s mining chips, Bitmain has announced on August 6th on its twitter handle that it would launch two internet routers that can mine Dash and Siacoin.

The new miners, known as the Antrouter R3-DASH and Antrouter R3-SIA, will not only function as internet routers that can mine cryptocurrencies but will at the same time utilise the devices’ idle processing power.

The capabilities of these dual-purpose miners are limited as compared to the  professional miners. The Miners are targeted at amateur miners who are not just after full time profit making mining but either want to try their hand out at mining or just love the idea of mining cryptocurrencies.

The company has revealed payment for the miners would be made with bitcoin, bitcoin cash and litecoin. It also said that it would be ready to ship the miners out within ten working days after purchase. The routers will start mining in Bitmain’s Antpool once connected to the internet.

Bitmain is the largest crypto mining company in the world. The Chinese company is valued at $14 billion just after funding round it recently held. The company is equally launching its plan to build a blockchain data center and mining facility in Texas that would be valued at $500 million.

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