According to a document shared on June 1, Semiconductor Manufacturing International Corporation (SMIC), a Hong Kong Exchange (HKEX) listed company, will raise $2.8 billion in an IPO following a successful vetting by the SSE. The amount raised will be partially focused on creating and improving their 14 nm crypto mining chips after the recent partnership with Canaan Creatives.

SMIC partnership with Canaan Creatives will, however, produce other smaller cryptocurrency miners rather than Bitcoin due to the cost and technical challenges involved in the top crypto miners. For example, TSMC announced the launch of a $12 billion dollar plant in the state of Arizona in the U.S. in its plans for global adoption last month.

The Chinese computer chip maker aims at improving its computer chip designs to compete with global competitors – Samsung and Taiwan Semiconductor Manufacturing Company (TSMC). The former has been rumored to work with Bitcoin mining firms. Whatsminer and MicroBT. with the latter working with Bitmain to produce Bitcoin mining chips.

The latest $2.8 billion public offering adds to the latest $2.2 billion private funding from China’s largest investment firms, National Integrated Circuit Industry Investment Fund II and Shanghai Integrated Circuit Industry Investment Fund II.

After a slow start to the quarter due to the Coronavirus and halving uncertainty, Bitcoin mining and its price are back on a bullish trend in China, as reported by BEG. The latest move by the largest computer chip maker in China will enable the country to fight off sanctions levied by the United States that has made it harder for the top chip makers to import to the country.

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