Bitcoin Mining Markets Heat Up: Ebang’s $41M Deficit, Bitmain’s Alleged 2020 Revenue

Bitcoin Mining Markets Heat Up: Ebang’s $41M Deficit, Bitmain’s Alleged 2020 Revenue

The Chinese ASIC mining rig producer Bitmain reportedly pulled in $300 million in income throughout Q1 2020. Meanwhile, as Bitmain claims to be regaining market share, the agency Ebang lately utilized with the U.S. Securities and Exchange Commission (SEC) for preliminary public providing (IPO) standing. However, the prospectus despatched to SEC exhibits that whereas Ebang made $109 million final yr, the corporate additionally had a $41 million deficit in 2019.

Ebang’s IPO Prospectus Shows a $41 Million Deficit and Plans for an Exchange

Bitcoin mining is feverishly scorching nowadays, particularly simply earlier than the nice Bitcoin reward halving that may happen on or round May 12, 2020. During the final six months, there’s solely a handful of ASIC mining rig producers and all of them stem from China. This consists of firms like Bitmain, Ebang, Strongu, Innosilicon, Microbt, and Canaan. There are a couple of different producers, however the companies will not be practically as sizable as these six companies. Just lately, the corporate Ebang filed for a $100 million preliminary public providing (IPO) within the U.S. and the corporate will await a choice from the SEC. Although, the agency’s prospectus exhibits that Ebang suffered from some losses in 2019, and it could mirror the IPO’s preliminary increase.

Read More:  Chainlink (LINK) Turns $10 Into A Million In Six Months—But How?

Bitcoin Mining Markets Heat Up: Ebang's $41M Deficit, Bitmain's Alleged 2020 Revenue

Ebang’s prospectus exhibits the agency revamped $109 million in 2019, however it additionally had a deficit of round $41 million. The prospectus exhibits that the corporate’s roadmap additionally consists of extra than simply ASIC manufacturing, as Ebang appears to launch a digital forex buying and selling platform internationally as effectively. Last yr, the ASIC producer Canaan bid it’s IPO with SEC for $400 million on the Nasdaq Global Market. But when the Chinese mining rig producer Canaan Inc. launched its preliminary public providing (IPO) sale on November 21, it solely raised $90 million value of shares. In March 2020 Canaan was sued and accused of deceptive IPO buyers in a class-action lawsuit. Ebang additionally has a variety of lawsuits as effectively and was allegedly investigated by the Beijing Police Bureau in December 2019.

Bitmain Allegedly Brings In $300 Million in Q1 2020

While Ebang filed for an IPO within the U.S., it was rumored final October that Bitmain filed confidentially for a U.S.-based IPO. At the tip of February, Bitmain launched two next-generation bitcoin miners with max speeds as much as 110TH/s Per unit. According to a regional report found by 8btc on April 29 by way of Wemedia, Bitmain allegedly made $300 million in income through the first quarter of 2020. The report additionally disclosed that Bitmain advised it’s staff this data and the corporate has elevated it’s hashpower an important deal as effectively. Financial columnist lylian Teng defined that it’s unsure whether or not or not Bitmain continues to be profiting after the market downturn in March.

Read More:  The Tide is Turning, No-Coiner Bill Burr Convinced Over Merits of Bitcoin

“In Q1 of 2019, Bitmain’s whole income reportedly stood at $1.082 billion however registered a $310 million loss,” Teng wrote.

Bitcoin Mining Markets Heat Up: Ebang's $41M Deficit, Bitmain's Alleged 2020 Revenue

While Ebang information for an IPO within the U.S. and Bitmain tries to acquire extra market share, different companies are racing towards turning into ASIC manufacturing giants as effectively. Both Microbt and Innosilicon have ramped up gross sales fairly a bit and have seen much more presence on secondary markets and ASIC mining rig evaluate websites. Meanwhile, because the bitcoin mining competitors grows extraordinarily fierce, the Bitcoin Halving will happen in somewhat greater than two days, which can chop each bitcoin miner’s income by 50%.

What do you consider Ebang’s prospectus and the alleged $300 million Bitmain made in 2020? Let us know within the feedback beneath.

The submit Bitcoin Mining Markets Heat Up: Ebang’s $41M Deficit, Bitmain’s Alleged 2020 Revenue appeared first on Bitcoin News.


Add comment