A recent reports has it that, Bitfury—a top mining chip manufacturer, is making plans towards launching its initial public offering (IPO). The mining giant is contemplating whether to have the IPO done in London or Amsterdam, come 2019.
Bitfury Set for $3 Billion IPO
The company was founded in 2011, as a bitcoin mining company and maker of crypto-mining gear, but has since expanded into blockchain based researching.
If Bitfury goes ahead with the IPO, this will be considered as the first major crypto IPO listed in Europe. A report has it that the company is seeking a valuation of $3 billion to $5 billion.
Bitfury has been reported to be discussing this move with top-ranking investment banks and it is also making preparations aimed at getting listed on several stock exchanges. However, the mining firm plans to debut on the Hong Kong exchange.
Despite the very sluggish year the entire crypto industry had, Bitfury has made headway this year with the introduction of its new line of mining chips—SHA256 application-specific integrated circuit (ASIC). The chip is designed to achieve a hash rate of 120GH/s with a power efficiency of 55mW/GH.
Bitfury and its Competitors
The company has also reported that it is expecting a revenue of nothing less than $450 million for 2018. The mining firm is also said to have top ranking competition who are performing good themselves. Out of these competitors, the popular mining company, Bitmain Technologies play a key role. Right after Bitfury released its latest mining chip, Bitmain released its own latest mining chip — a new7nm ASIC mining chip for the SHA256 algorithm used by bitcoin, bitcoin cash, and other virtual currencies. It has also been reported that with the way Bitfury is planning its IPO, all indication is pointing to it following the footstep of Bitmain, which had its IPO in September this year. Bitmain was valued at $3billion and its stock is also listed on the Hong Kong Stock exchange.