Bit, market failure, who is the enrichment of the “shot”?

This article from the FT, Cryptocoinsp, Financemagnates, Abdel-Qader, Louise by Aziz Lucas, Mark Hartley

The daily planet Odaily translator | Moni

When the mining giant, bit encryption currency (Bitmain) announced in September last year will be listed on the Hongkong stock exchange, the encryption industry looks promising. But so many people is unexpected, it will bear so long, plus bitcoin cash (BCH) hard bifurcation war led to the worldwide market a serious downturn, many blocks of chain companies have suffered significant losses of bits, is no exception.

Although a bit, is by far the largest and most successful of the crypto currency mining chip manufacturers, but they really can represent the “village of hope”? In fact, since the announced exchange for IPO in Hong Kong (IPO), has been in a bit since investors and gains controversy, some large investors have begun to keep their distance. According to previous reports, in 2018 third quarter loss of $500 million, a bit, but because of the uncertainty of encryption currency market prices, they may try to sell a lot of bitcoin Cash Holdings (the current price is only 1/6 in May 2018).

According to the Hongkong listing rules, although the listing application is approved for six months, but the applicant may apply for renewal. In this case, according to the Hong Kong Stock Exchange latest disclosure data show that the easy bit, in September 26, 2018 IPO application submitted will expire on March 26, 2019.

However, so far, has not yet submitted any bits (investor, presentations) report to investors so many bank insiders believe that the listing it would become “very unlikely (highly unlikely)”.

A person familiar with the matter said the anonymous:

“I think the whole environment of the bit continent is still difficult, but is also facing no small pressure.”

China international financial Limited by Share Ltd (China International Capital Corp) is the only bits of the mainland listed underwriters, yet the relevant events give comment.

The so-called There are no waves without wind., in February this year, the market rumors, bit two co-founder large differences of opinion, and it is difficult to make a unified decision, so Wu Jihan will resign the post of chief executive, bit, and start to set up a new company. According to the daily planet Odaily exclusively learned that this writing – March 26th, the mainland released bit inside the letter, announced organizational restructuring, chaired by Wang Haichao CEO, and announced that the company will focus on the digital currency and artificial intelligent chip and the products and services. At the same time, a bit, said that the company has sufficient cash supply chain operation. With the introduction of new products, sales have increased month by month. Bit, said that this round of IPO application in recently will fail, the future will be at the right time, restart the listing.

Now, presumably planet Jun (WeChat: o-daily) and everyone else, deep inside there will be such a problem, when the bit, to successfully listed in Hong Kong, who will become profitable machine market “shot”, and capture the mining industry in the crypto currency “crown”?

The biggest beneficiaries of overseas market in mills

In the overseas market, there are two bits, the biggest competitor, one is BitFury, another is SBI Holdings. BitFury company is headquartered in Holland and Amsterdam, in Iceland and Georgia management data center. Perhaps see a bit, listed hopeless, BitFury recent popularity in the mining industry in the crypto currency increases, but they also combined the HadePay payment network to promote lightning network payment, enhance the penetration of bitcoin.

Last November, BitFury company successfully raised a $80 million financing, led Party voted for the risk investment group Korelya Capital, the total financing amount reached $150 million, the valuation of the company has risen to $1 billion, a crypto currency industry in “the unicorn”. With the mining business extends to block chain of software development, and topped the “Forbes” global financial technology company 50, BitFury is perhaps the most hope bit mainland listed failed rivals, are more likely to achieve “beyond the bend through this opportunity”.

Another SBI Holdings is Japan’s financial services provider, they already announced through its subsidiary SBI Mining Chip Co. Ltd. crypto currency mining chip production. The company interest in block chain industry is also very strong, but also on the cross-border payment platform Ripple had a large amount of investment, if the time is ripe, the neighbors in the mining giant may also get a bigger share of the market to take advantage of this opportunity.

The biggest beneficiaries of domestic machine in the market

In addition to the overseas market, there are two domestic chip manufacturers will pose a greater threat to the mainland is a bit, Chia Nan Yun Zhi, another is Ebang.

In fact, Chia Nan Yun Chi early in May of last year to the Hongkong stock exchange has submitted IPO application, but because of the HKEx on its business model and its future in doubt, the listing plan, Jia Nan Zhi Yun with broken halberds defeat of the Hong Kong Stock Exchange listing application has expired in November last year. But in a couple of weeks ago (2019 years 3 months, Chia Nan Yun Chi mid) completed a hundreds of millions of dollars in financing, valuation of billions of dollars. Thanks to the Morgan Stanley and Deutsche Bank and other well-known investment bank support, Chia Nan Yun Chi the next step is likely to be chosen in the United states. So, Jia Nan Yun Chi seems every step ahead, and bit, transformation, action and reaction speed is very fast.

Another of the same plan listed on the HKEx Ebang IPO application will be in two months — around May 2019 and expire, but controversy bit different continent, Ebang has been eager to seek a breakthrough in the mining industry, and will be announced in the 2019 annual production of 400 thousand Taiwan machine in February.

However, the recent bitcoin mining industry seems to be a turning point. Bitcoin hash rate has reached the highest level since the beginning of November 2018, even more than four times the hash bitcoin December 2017 price of $20000 was the highest point in history period! According to data show that the disclosure of bitcoin hash rate in March 19th rose to the highest point of the year 52 EH/s, which means that the crypto currency mining demand is becoming more and more big.

With the continuous development of the situation, to see which mining company finally successfully completed the initial public offering will be very interesting, who do you think will be the first listed mining company? May the message star Jun (WeChat: o-daily).

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