Cryptocurrencies, the star performers in 2017, haven’t had the best run in 2018. Bitcoin, the widely traded and most popular crypto, is down about 54 percent year-to-date.
It’s against this backdrop that China’s Bitmain Technologies, the leading bitcoin miner and mining hardware manufacturer, has opted to test the IPO waters.
Mining is meant to help bitcoin nodes reach a secure and tamper-resistant consensus and is used to introduce new bitcoins into the system.
The Hard Facts
The company plans to raise $18 billion through the IPO, which would value the company at roughly $40 billion to $50 billion, according to Coindesk.
If successful, the IPO would one of the five largest ever.
The miner had revenue of $2.5 billion in 2017, according to Bloomberg, which quoted Jihan Wu, the company’s founder.
In June, a report in …
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Photo: Bitmain