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


In fresh mining information, primary mining chip producer Ebang Communications has filed for an Preliminary Public Providing (IPO) in Hong Kong, a Chinese language miner has been arrested for allegedly stealing 150,000 kilowatt-hours (kWh) of electrical energy in kind of one month, and a record has supplied distinctive perception into the state of mining within the Russian exclave of Kaliningrad.

Additionally Learn: FBI Recently Investigating 130 Crypto-Similar Instances

Chip Producer Ebang Communications Information for IPO in Hong Kong

Main mining chip producer Ebang Conversation has change into the most recent main company working within the bitcoin mining trade to report for an IPO in Hong Kong.

The corporate’s utility for IPO is in its draft shape, and as such does now not state the amount of finances that Ebang seeks to boost, nor does it divulge a valuation for the corporate. In keeping with monetary statements incorporated within the utility, Ebang generated roughly $140 million USD in income and $60 million in web benefit throughout 2017. The monetary remark additionally estimates that greater than 94% of the corporate’s revenues for 2017 had been generated in the course of the sale of bitcoin miners, a vital spike from 31% in 2015 and 42% in 2016.

Ultimate month, Reuters reported that Ebang Communications was once rumored to be in search of to behavior a $1 billion IPO in Hong Kong. The record said that previous this 12 months Ebang “delisted from China’s Nationwide Equities Change and Quotations […] after saying in January that it could search a Hong Kong list.”

Previous this 12 months, Canaan Inventive published it could be in search of to behavior a $1 billion IPO in Hong Kong. In the beginning of June, the manager govt officer of Bitmain, Jihan Wu, point out that the corporate is open to accomplishing an out of the country IPO in Hong Kong, or any jurisdiction through which stocks can be denominated in U.S. greenbacks.

Chinese language Miner Arrested for Allegedly Stealing 150,000 KWH of Electrical energy

Mining Round-Up: Ebang Files for IPO in HK, Miner Arrested in ChinaGreater than 200 mining rigs were confiscated through police in China’s Anhui Province following the arrest of a person accused of stealing 150,000 kWh of electrical energy in kind of a month.

In keeping with state-operating Chinese language media outlet, Xinhua Information, police discovered that the electrical energy meter for the alleged mining operation were “short-circuited” in an try to obfuscate the size of energy being ate up through the .

The suspect reportedly informed police that he bought his mining in April, then again, came upon that the day-to-day working prices of his operations exceeded 6,000 yuan (roughly $925 USD). The suspect additionally claimed that he had now not but generated a benefit at the operation on the time of his arrest.

“No matter isn’t Unlawful is Criminal” – Mining within the Russian Province of Kaliningrad

Mining Round-Up: Ebang Files for IPO in HK, Miner Arrested in ChinaA up to date record revealed through Monetary Instances has supplied an perception into the existing state of mining operations within the Russian province of Kaliningrad, a Russian exclave positioned between Lithuania and Poland at the fringe of the Baltic Sea.

The thing states that the writer met with Kaliningrad Area Construction Company (KRDC) – a state-owned establishment tasked with attracting and fostering funding into the area. The record unearths that the KRDC had just lately proven two datacenters to potential mining traders, either one of that have been bought through the marketers who invested $50 million USD into the websites.

In regards to the felony standing of cryptocurrency mining in Kaliningrad, Sergei Evstigneev, the area’s IT and communications minister, said “No matter isn’t unlawful is felony. There are not any regulations relating to cryptocurrency mining as it’s a brand new roughly trade.”

Vladimir Zarudny, the KRDC’s director-general, said “Kaliningrad has change into one of those lab the place we will be able to take a look at new tasks and law. We predict we can be a liberal Russian territory which is pleasant for doing trade, and a gateway to Russian markets.”

Do you suppose extra mining corporations will report for IPOs in Hong Kong? Percentage your ideas within the feedback segment beneath!

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