RATE Group | As bitcoin world wobbles, mining rig company plans $2 billion IPO
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As bitcoin world wobbles, mining rig company plans $2 billion IPO

22 May As bitcoin world wobbles, mining rig company plans $2 billion IPO

Posted at 07:18h in Bitcoin News by

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HONG KONG (Reuters) – Bitcoins are worth less than half of what they were in December. Mining them is 60 percent less profitable than it was in 2017. Even retailers of hobbyist mining rigs say they are seeing fewer customers.

High-end graphic cards are installed in a cryptocurrency mining computer at a computer mall in Hong Kong, China May 17, 2018. Picture taken May 17, 2018. REUTERS/Bobby Yip

Why, then, is Canaan Inc, a leading cryptocurrency mining rig supplier, looking to raise up to $2 billion, according to two sources with knowledge of the deal, in the world’s biggest bitcoin-focused initial public offering to date?

Canaan is expected to present itself to investors not so much as a bitcoin company, but as a chip designer focused on developing other markets in artificial intelligence and blockchain, the electronic ledger that underpins bitcoin.

“Their customers happen to be bitcoin miners. But they are a chip company, not a bitcoin company,” said one of the sources. …

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