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Tag Archives: bitmain

After IPO Canaan’s Stock Loses about 35% of Its Value

In what has been seen by many as a travesty of sorts, major cryptocurrency equipment manufacturer Canaan Creative has seen its stock decline sharply in the past 17 out of 21 trading sessions. Sources indicate that Canaan’s stock hasn’t fared well as many would have hoped. Just to remind you, the company at its IPO was valued at $1.3 billion. The company’s stock has lost about 35% of its value this week. Since the late November shares have tumbled indicating that the company wasn’t as valuable...

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Two Bitmain’s Subsidiaries Get over $1M in Assets Frozen by Court

Beijing-based Bitmain Technologies Ltd. had a pretty rough year. Even though the company is still among the key players in China, its market share by hash rate has fallen from ~70% in June to ~66% now. In June 2017, Bitmain’s own data (via Frost and Sullivan) showed that it had a market share of around 75%.Christopher Bendiksen, head of research at CoinShares and Samuel Gibbons, the research analyst said that Bitmain needs fresh capital in order to fix a series of self-made damages caused by...

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More than Half of Global Bitcoin Hash Rate Is Controlled by One Single Province in China

China is usually referred to as the headquarters of Bitcoin mining in the world, an interesting feat especially when the government’s strong position against cryptocurrencies is considered. While the government has repeatedly expressed its support for blockchain technology, it has not accorded digital currencies the same level of attention and respect. Regardless of all this, China still controls about 67% of the entire hash rate of the Bitcoin network. The real clincher, however, is that...

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Bitmain Announces New Sales Strategies to Tackle Market Share Decline

Chinese crypto mining giant Bitmain has announced a few changes to its current sales methods that are geared at improving profits for the company but also making things a lot easier for its many customers. Bitmain recently lost some part of its market share as well and has decided to make these moves as a way to rectify its market recession.The announcement was made by Jihan Wu who is now Bitmain’s only chairman and CEO after the unceremonious exit of Micree Zhan recently. Speaking at an...

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Have a Look at the Most Valuable Companies in Crypto Space

Many things have been said about the champions who have been at the forefront of making things happen in the crypto space but not much has been known about them. The list below and the descriptions indicate the biggest companies in the industry not only by valuation and capitalization but also by goodwill and corporate presence both online and offline as well. They shall be listed in no particular order of preference. Ripple (Valuation of about $5 Billion)Many people have heard one way or the...

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China’s Bitcoin Mining Firm Canaan Manages to Raise Only $90 Million through IPO

As previously reported by CoinSpeaker, China’s Bitcoin mining giant Canaan Creative conducted its IPO with its shares going public on the Nasdaq platform on Wednesday, November 20.Well, things have certainly not gone the way Canaan thought and it looks like the decision to go public was all done in haste. In its filing to the United States Securities and Exchange Commission (SEC) Canaan marketed its shares for $9 to $11, as per the Bloomberg report.Previously, Canaan planned to raise around...

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Bitcoin Plunges Eliminating Some Miners Before Halving, Could It Be Bullish in the Long Term?

In recent months, Bitcoin price has slowly descended from the 2019 high of $13,880 to the current levels of just above $8,130. This plunge is beginning to put weak miners out of business. In the past week, Bitcoin’s mining difficulty plunged 7% abruptly. That drop enabled miners to easily solve algorithms and mine blocks.That development means that the weak miners and those that encounter high operating costs are constantly going out of business. The new move does not go well with the bitcoin...

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OneConnect Financial Technology Files for IPO in the U.S.

It has been evident in the last few years that companies within the blockchain, cryptocurrency and fintech space are receiving a lot more institutional backing after years of being rather niche sectors of the business world. This is evidenced by the fact that many more prominent firms are taking on blockchain technology such as MasterCard, Air Canada, Barclays and so on. It is also evidenced by the fact that many private firms such as Facebook and JP Morgan are embracing cryptocurrency and...

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China’s Bitcoin Mining Firm Canaan Creative to Launch Its IPO Next Week on Nasdaq

Canaan Creative, the Chinese Bitcoin mining company is all set to go public by listing its shares on the Nasdaq trading platform next week on November 20. As we have already reported, Canaan filed for its U.S. IPO on October 28, with Galaxy Digital, Credit Suisse, Citigroup and four other underwriters.Canaan is one of the biggest rivals of Bitmain in the crypto mining space. As per the report, Canaan is planning to raise around $400 million from its IPO. However, it is unclear at this stage...

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Chinese Police Investigate Ex-Bitmain Employee for Bitcoin Miner IP Theft

Yang Zuoxing, CEO at MicroBT, is under investigation by the local police. The investigation is allegedly related to a dispute over Bitmain’s intellectual property rights. Yang nor MircroBT have released an official statement. A former Bitmain employee, Yang Zuoxing, is under investigation by the local police in China. The case appears to be related to a dispute involving the intellectual property rights of the mining giant corporation. Open Investigation According to a report by the Chinese...

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