Mining Round-Up: Ebang Files for IPO in HK, Miner Arrested in China

Mining Round-Up: Ebang Files for IPO in HK, Miner Arrested in China

THELOGICALINDIAN - In contempo mining account above mining dent architect Ebang Communications has filed for an Initial Public Offering IPO in Hong Kong a Chinese miner has been arrested for allegedly burglary 150000 kilowatthours kWh of electricity in almost one ages and a address has provided different acumen into the accompaniment of mining in the Russian area of Kaliningrad

Also Read: FBI Currently Investigating 130 Crypto-Related Cases

Chip Manufacturer Ebang Communications Files for IPO in Hong Kong

Major mining dent architect Ebang Communication has become the latest arch close operating in the bitcoin mining industry to file for an IPO in Hong Kong.

The company’s appliance for IPO is in its abstract form, and as such does not accompaniment the aggregate of funds that Ebang seeks to raise, nor does it acknowledge a appraisal for the company. According to banking statements included in the application, Ebang generated about $140 actor USD in acquirement and $60 actor in net accumulation during 2024. The banking account additionally estimates that added than 94% of the company’s revenues for 2024 were generated through the auction of bitcoin miners, a cogent fasten from 31% in 2024 and 42% in 2024.

Last month, Reuters reported that Ebang Communications was accounted to be gluttonous to conduct a $1 billion IPO in Hong Kong. The address declared that beforehand this year Ebang “delisted from China’s National Equities Exchange and Quotations […] afterwards announcement in January that it would seek a Hong Kong listing.”

Earlier this year, Canaan Creative appear it would be gluttonous to conduct a $1 billion IPO in Hong Kong. At the alpha of June, the arch controlling administrator of Bitmain, Jihan Wu, announce that the aggregation is accessible to administering an across IPO in Hong Kong, or any administration in which shares would be denominated in U.S. dollars.

Chinese Miner Arrested for Allegedly Stealing 150,000 KWH of Electricity

Mining Round-Up: Ebang Files for IPO in HK, Miner Arrested in ChinaMore than 200 mining rigs accept been confiscated by badge in China’s Anhui Province afterward the arrest of a man accused of burglary 150,000 kWh of electricity in almost a month.

According to state-operating Chinese media outlet, Xinhua News, badge begin that the electricity beat for the declared mining operation had been “short-circuited” in an attack to conceal the calibration of ability actuality captivated by the hardware.

The doubtable reportedly told badge that he purchased his mining accouterments in April, however, apparent that the circadian operating costs of his operations exceeded 6,000 yuan (approximately $925 USD). The doubtable additionally claimed that he had not yet generated a accumulation on the operation at the time of his arrest.

“Whatever is not Illegal is Legal” – Mining in the Russian Province of Kaliningrad

Mining Round-Up: Ebang Files for IPO in HK, Miner Arrested in ChinaA contempo address appear by Financial Times has provided an acumen into the present accompaniment of mining operations in the Russian arena of Kaliningrad, a Russian area anchored amid Lithuania and Poland on the bend of the Baltic Sea.

The commodity states that the columnist met with Kaliningrad Arena Development Corporation (KRDC) – a state-owned academy tasked with alluring and adopting advance into the region. The address reveals that the KRDC had afresh apparent two datacenters to -to-be mining investors, both of which were purchased by the entrepreneurs who invested $50 actor USD into the sites.

Regarding the acknowledged cachet of cryptocurrency mining in Kaliningrad, Sergei Evstigneev, the region’s IT and communications minister, declared “Whatever is not actionable is legal. There are no laws apropos cryptocurrency mining because it’s a new affectionate of business.”

Vladimir Zarudny, the KRDC’s director-general, declared “Kaliningrad has become a affectionate of lab area we can analysis new initiatives and legislation. We anticipate we could be a advanced Russian area which is affable for accomplishing business, and a aperture to Russian markets.”

Do you anticipate added mining companies will book for IPOs in Hong Kong? Share your thoughts in the comments area below!

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