Bitmain Technologies has abandoned its IPO enthusiasm when the company’s Hong Kong stock game proposal listing expired the 2009 week, sparking debate in the future of the actual cryptocurrency market.
The company did point out that it home loan giants reapply by having an appropriate in time the future, saying that “despite the huge potential of this cryptocurrency and blockchain industry, it remains a young industry that could be proving its value.”
Bitmain IPO Abandonment
The?bitcoin mining giant attracted $700 million from investors in Asia prior to its much-anticipated dpo, which has spurred rumors that investors?will undoubtedly be?filing a class-action lawsuit versus the company. When it lawsuit may come to fruition remains to be seen.
This morning Bitmain announced that its next-generation?Antminer S17 series is going to be going on sale globally on April 9th. This much better bitcoin miner is expected to be able to mining profitability by significantly increasing hashrate and increasing energy efficiency by 28% compared to the previous model.
What Does Bitmain’s?Hesitance Say Regarding the Crypto Space?
As mentioned, Bitmain has shied faraway from its public listing for the reason that cryptocurrency and blockchain market is relatively young. Obviously, the volatility for the cryptocurrency market isn’t a secret, with crypto prices dropping significantly.
Still, the choice not to stick to may be more to do with Bitmain’s?own profitability. Despite obtaining more than $700 million in profit on the first share of 2019 , the company reported fabric loss of $500 million in Q3 2019 and reportedly spent $500 million on failed chips in the past 18 months.
The Hong Kong Exchange claims in the past that should be reluctant to approve IPOs from?Chinese bitcoin mining equipment manufacturers mainly because of the volatility around and uncertainties?concerning how sustainable their earnings are.
Add that to Bitmain’s?poor sales, details with failed chips, and also declining crypto price, it seems that this could have not been the company’s substitute for let its application lapse. It will likely be interesting to determine if the company moves forward with another application in the future.
What do you think of Bitmain’s?decision permit its IPO expire?