Another Bitcoin Miner Maker Is Seeking to Go Public in Hong Kong

Ebang Communication, one of the largest bitcoin mining chip makers in China, is seeking to go public on the Hong Kong Stock Exchange.

According to the report at the time, Ebang was looking to raise as much as $1 billion, which, if true, could be the largest IPO in the cryptocurrency industry.

The filing also comes just a month after Ebang's rival bitcoin miner maker Canaan Creative submitted an IPO application to the HKEX, which was also reportedly aiming to raise $1 billion.

Ebang's filing today offered fine details on the firm's business operations.

Based on a financial statement included as part of the IPO filing, Ebang raised 925 million yuan in revenue in 2017 alone, marking a 17-time year-on-year growth compared with 2016.

Founded in 2010, Ebang Communication started by manufacturing hardware products for the telecommunication industry.

The firm later moved into the cryptocurrency mining business by launching its own Ebit miners in 2016 to compete with Chinese bitcoin mining giant Bitmain and Cannan Creative.

Notably, the financial document shows that in 2017, 94.6 percent of Ebang's revenue was generated from the sale of bitcoin miners.

According to the document, Ebang is also in the process of making its own 7nm bitcoin miners.

As previously reported by CoinDesk, Japan's IT giant GMO Internet has already launched the world's first bitcoin miner equipped with a 7nm chip.