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Crypto Mining Hardware Manufacturer Microbt Plans to Launch Public Offering in the US

One of the world’s biggest bitcoin mining machine manufacturers is preparing to go public in the United States. China-based Microbt is reportedly looking to obtain additional funds to buy Samsung chips with the initial public offering (IPO).

Whatsminer’s Revenue Could Hit $1 to $2 Billion in 2021

According to Chinese media outlets and Asian journalist Collin Wu, the company’s market value can exceed “tens of billions.”

Citing three sources familiar with the matter, Wu says that such a move could help the mining giant obtain more funds to increase its production capacity.

The founder of Microbt, Yang Zuoxing, is a former employee of Bitmain, and he claims to be the pioneer of the S9 mining devices Bitmain produces. Back in 2019, Bitmain sued him for “infringement of trade secrets.”

Microbt’s IPO plans include going public, on Nasdaq. The U.S. public listing plans have been in the works since 2019. However, the aforementioned legal issues with Bitmain ahve delayed the listing.

Per Weixin, due to the surge in mining machines’ price, Microbt’s revenue could hit $1 to $2 billion in 2021. That’s why the expectations around the company are high in anticipation of the IPO, said Wu.

Although a timeline is not set yet, Weixin forecasts that both Microbt and Bitmain could be listed in the U.S. in the next two years.

Latest Moves in the Crypto Mining Industry

Overall, the crypto mining world has been quite lively in the last few months, especially in the manufacturing industry. 500.com Ltd reached an initial agreement to acquire mining machines from an unnamed non-U.S. seller. The transaction will allow the company to acquire mining machines, including such models as the M20s from Microbt, and S17, T17, and S9 from Bitmain.

On December 16, 2020, Bitcoin.com News reported that the latest generation mining rigs’ prices have gone up 35% since the beginning of November.

Tags in this story
bitcoin mining hardware, BTC Mining Rigs, China, crypto mining, IPO, Mining Devices, nasdaq, United States, Whatsminer

What are your thoughts on Microbt’s IPO plans? Let us know in the comments section below.

Felipe Erazo

Born in Colombia, Felipe earned a degree in journalism at the University of Chile with the highest honor in the overall ranking and holds a Bachelor of Arts in Social Communication. He is a writer with more than nine years of experience, first in the Forex field and later in the crypto industry as an analyst/news junkie. Among his interest topics include human rights, decentralization, financial markets, geopolitics, sports, and new technologies. An inveterate traveler, and always attracted to a good plate of food.

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