HKEX Says Indecision to Bitmain IPO are Just Rumors

HKEX Says Indecision to Bitmain IPO are Just Rumors

In an email to Cointelegraph, a representative from the Hong Kong Stock Exchange (HKEX) calls the alleged qualms surrounding Bitmain’s impending IPO as rumors, declines to comment on the firm’s IPO status

The steep drop in the cryptocurrency market is a challenging time for the mining industry with some firms shutting down. The downward trajectory caused some miners in China to put their equipment up for sale by the kilo. Citing volatile circumstances, sources from another crypto news outlet supposed that HKEX is showing signs of hesitations in listing Bitmain’s IPO. The source further said, ‘There’s a real risk that they could just not exist anymore in a year or two.’

The Impact of Market Conditions on Cryptocurrency Mining

Aside from the consequences stated above, mining pool founder, Mao Shixing, calculates that Bitmain’s Antminer S7 would break-even when Bitcoin is priced at $11,581 and its Antminer T9 model will break-even at $5,376. Bitcoin is currently trading in the periphery of $3,500.

Bitmain also closed its development base in Israel and laid off some of its employees.

Other Issues Surrounding Bitmain

In November, Gor Gevorkyan, a Los Angeles resident, sued the mining firm for allegedly formatting its mining rigs to mine cryptocurrencies for the firm instead of for equipment owners. Gevorkyan is suing for $5 million.

Related news

Hong Kong’s SFC receives 2,060 license applications in Q3 2019

FinanceFeeds - Hong Kong’s Securities and Futures Commission (SFC) has earlier today posted its report for the quarter to end-September 2019, with the document providing data on the licensing activity. In the July-September 2019 period, the SFC received 2,060 license applications, up 17.3% from the preceding quarter and down 12.5% year-on-year. The number of corporate applications increased 10.6% from the preceding quarter to 73, but was down 14.1% year-on-year. As at September 30, 2019, the number of licensees and registrants totalled 47,635, up 3.4% from last year, and the number of licensed corporations grew 7.2% to 3,048. Both were record highs. The report is released one day after the SFC announced waiving of the annual licensing fees for the financial year of 2020/21. The fee waiver applies to annual licensing fees payable by all licensed corporations, registered institutions, responsible officers and representatives. It does not apply to any other fees, such as licence application fees and transfer fees. The annual licensing fees payable before April 1, 2020 will not be affected by the waiver. The decision aims to relieve the regulatory cost burden on the securities and futures industry having taken into account the current challenging market environment. The waiver of the fees will cost approximately $117.5 million in forgone revenue for the financial year 2020/21 in addition to the 50% waiver already announced earlier this year. The post Hong Kong’s SFC receives 2,060 license applications in Q3 2019 appeared first on FinanceFeeds.

Riot Blockchain announces purchase of 3,000 next generation Bitmain S17 Pro Antminers, upgrading its Oklahoma City Mining Facility

CASTLE ROCK, Colo., Dec. 4, 2019 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ:RIOT) ("Riot" or the "Company"), one of the few Nasdaq listed public cryptocurrency mining companies in the United States, announced the purchase of 3,000 next generation Bitmain S17 Pro Antminers for approximately USD $5 million from BitmainTech PTE. LTD. ("Bitmain"). This upgrade was funded from Riot's available cash on hand. The latest generation of Bitcoin ("BTC") Application-Specific Integrated Circuit ("ASIC") miners from Bitmain are markedly more cost efficient, estimated from product specifications at approximately a 50% improvement in hardware power efficiency, compared to the S9 miners currently in use by Riot. As previously reported Riot's gross margin percent, computed as mining revenues in excess of cost of revenues (exclusive of depreciation and amortization), was 14% in the three-month period ended September 30, 2019. The new generation miners are anticipated to generate approximately 440% of the S9's hashrate while only consuming an estimated 220% of an S9's electricity usage. This will allow Riot to significantly increase its operating hashrate at the Oklahoma City mining facility with fewer total miners using the same or less total electricity.   Riot estimates aggregate operating hashrate at the Oklahoma City mining facility, assuming full utilization of the facility's current total 12 megawatt ("MW") available electric supply and deployment of the 3,000 next generation miners supplemented with the balance of S9s continuing to run using remaining available power, would be approximately 225 petahash per second ("PH/s"). This would represent an estimated 200%+ increase over Riot's present average mining hashrate. Riot anticipates that the 3,000 new miners, will represent approximately 70% of the total current mine capacity, and are expected to be fully deployed early first quarter 2020. Pending future actual power costs and Bitcoin network economic conditions, it is expected that a portion of the existing ...Full story available on

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.