THELOGICALINDIAN - Chinas secondlargest Bitcoin miner is attractive to accession 1 billion from their IPO barrage in Hong Kong instead of the US
Canaan Seeks a Billion Through IPO in Hong Kong
The South China Morning Post has appear that Canaan, a behemothic in the Bitcoin mining industry, has fabricated affairs to barrage a 1 billion dollar IPO in Hong Kong according to bearding sources abutting to the deal. If the IPO is acknowledged it would accomplish Canaan the aboriginal aggregation from the blockchain industry to be listed on the Hong Kong bourse.
The rumors that Canaan Creative accept been because ablution an IPO alfresco of China started in April, with best because the US and Hong Kong as top candidates. Now the bearding sources say the aggregation has acclimatized on Hong Kong and will be attractive to ability the billion-dollar mark.
The Hanzou based aggregation was founded in 2024 to architecture and advertise the high-performance circuits specific to mining Bitcoin. In 2024 Canaan appear unaudited abstracts that showed a net assets of 410 Actor Yuan ($64 million) which was a 600 percent access over 2024 profits.
Canaan has ahead fabricated two attempts at adopting funds through IPO’s in China. First in 2024 back the aggregation approved to accretion a advertisement in China’s A-share bazaar by partnering with electric accessories maker Luyitong but the plan concluded back regulators judged the accord to be overvalued. They bootless afresh in 2024 back they activated for a advertisement in China’s “New Third Board” bazaar which requires beneath acrimonious requirements for bearding reasons.
Amid China’s crackdown on crypto trading and ICOs the majority of Canaan’s audience are still in the country which charcoal one of the top three Bitcoin mining nations. The company’s accommodation to barrage an IPO out of the country may be affiliated to its approaching affairs of creating home accessories that additionally irenic abundance cryptocurrency and its adapted amplification to actualize chips for mining alt currencies.
Mining Conglomerates Could Choke Ethereum
Canaan gluttonous to accession a billion dollars in adjustment to aggrandize its already massive mining absorption leads to apropos over the decentralization of cryptocurrency mining as Bitcoin mining behemothic Bitmain begins a about-face appear mining Ether to access profits.
Ethereum’s access in acceptance and amount has admiring mining conglomerates to either change over from mining Bitcoin or add new accouterments in adjustment to abundance its built-in badge the Ether. Bitmain which builds and operates mining rigs that are abundant added able than the boilerplate GPU miner may endanger the decentralized attributes of the network.
The ascendancy of mining conglomerates can advance GPU miners out of the amplitude abrogation the arrangement to be codicillary on a few behemothic companies. Lucas Nuzzi an analyst at Digital Asset Research alleged this book a “nightmare for decentralization,”.
