As it has become known, one of the largest bitcoin mining chip makers in China Ebang Communication is planning to offering its stock to the public on the Hong Kong Stock Exchange (HKEX).

The application for an initial public offering with the HKEX is already filed. Nevertheless, there is no information on the valuation of the company and on the amount that it is going to raise.

In May, the company had some talk with advisors on this issue and at that time Ebang Communication intended to raise $1 billion, which sounded like the largest IPO in the crypto industry.

Also in May, it was informed by CoinSpeaker that Ebang’s competitor Canaan Creative filed an IPO application to the HKEX and was looking to raise $2 billion.

In June, it was reported that the Beijing-based bitcoin mining giant Bitmain was also considering going public in the nearest future. And a little bit later the Chinese arm of venture capital giant Sequoia Capital has already invested $400 million in its pre-IPO.

As it is clear from Ebang’s financial statement that is included into the company’s IPO filing, in 2017 it received $141 million in revenue which is 17 times more than the previous year.

According to the document, last year the firm got $60 million in net profit which means that the company showed a 34-time year-on-year growth compared with 2016.

Ebang Communication was founded in 2010 and it started its business with production of hardware products for the telecommunication industry. In 2016, the firm went into the cryptocurrency mining business and launched its own Ebit miners. In 2017, Ebang received 94.6 percent of its revenue thanks to the sales of bitcoin miners.

Nevertheless, the issues related to the electricity consumed by miners all over the world still remain rather pressing. A number of countries today are seeking to ban mining or at least to impose some limits for each miner.

For example, Quebec’s public power utility has proposed plans to create a new framework through which the local authorities should work with cryptocurrency miners.

Earlier this year, Hydro-Quebec informed that it would not be able to support all the demand for mining that is observed nowadays. If the proposed plan is approved, Hydro-Quebec will parcel out 500 megawatts worth of power to crypto miners.

Meanwhile, in China, the local authorities arrested a man who is accused of having stolen a significant amount of power in order to perform a clandestine cryptocurrency mining activity.

Let us also mention that at the current moment Bitcoin is experiencing not the best period in its history. On Sunday, we could observe the lowest mark of Bitcoin price in 2018. Bitcoin was traded at $5826,41. At press time, according to CoinMarketCap,  it is traded at $6,173.60, having gained 4.73% over the recent 24 hours,

The post Bitcoin Miner Ebang Communication to Go Public in Hong Kong appeared first on CoinSpeaker.

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