Not so long ago we wrote about the threatened profitability of Bitcoin mining due to the price falling below $4000. Things seem not to be so gloomy as Canaan Inc. – China’s second-biggest maker of Bitcoin mining hardware – is considering an IPO in New York.
Initially, the company planned to go public in Hong Kong, but according to Bloomberg information, the plans have changed recently. The target date is said to be in the first half of 2019, and the goal is to raise $1 billion.
Cryptocurrency miners probably know better the “Avalon” brand manufactured by Canaan Inc. These are chipsets especially assembled for crypto mining. The goal is to provide high computing power and low energy use so the hardware is able to solve complex math problems that enable secure transactions for all the users of a cryptocurrency network. For their job, the miners receive digital coins.
[button link=”https://app.simplefx.com/login” size=”medium” target=”new” text_color=”#eeeeee” color=”#3cc195″]Check out the best trading app![/button]
In the Hong Kong exchange filing in May, Canaan Inc. reported $191 million of revenue in 2017.
Bitcoin bulls should follow with hope the ambitious plans of crypto mining hardware manufacturers, as their success is directly linked to the price digital coins. If evaluated high these companies can spur a surge in the price of Bitcoin and other digital currencies.