3 Chinese Bitcoin Mining Firms Achieve Unicorn Status

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3 Chinese Bitcoin Mining Firms Achieve Unicorn Status

Despite the broad fluctuations in bitcoin’s value, bitcoin mining operations have reached a new milestone. Three Chinese bitcoin mining businesses have been designated as “unicorns,” a word used to describe private enterprises worth more than $1 billion. (For additional information, check Is Bitcoin Mining Still Profitable?

Three Pure-Play Bitcoin Miners Join Unicorn Club

CoinDesk reported the inclusion of Bitmain, Canaan Creative, and Ebang in the Q2 Unicorn Index study issued by the Shanghai-based Hurun Research Institute for the Greater China area. This is the first time the Hurun list has featured entirely cryptocurrency-focused businesses.

Bitmain, which claims to be the first consumer-grade 16nm ASIC miner with the highest power efficiency and ROI of any bitcoin miner, is ranked 13th out of 130 firms. It is worth around 70 billion yuan, or approximately $10.4 billion. The figure is bolstered by the company’s recent Series B round fundraising, which valued it at roughly $10 billion, and there is talk of an IPO (IPO).

Canaan Creative, a $3 billion company that manufactures blockchain servers and develops ASIC microprocessor solutions, is rated 32 on the Hurun list. Canaan was valued at roughly $500 million in mid-2017, according to a Reuters article.

Ebang is the 53rd bitcoin mining unicorn on the Hurun list. It is worth $1.5 billion.

Canaan and Ebang have both submitted preliminary applications to float on the Hong Kong Stock Exchange. However, it is unclear how much each company is willing to raise by going public.

While the three organizations listed above are only involved in bitcoin mining, there are other huge corporations that have entered the bitcoin industry and have risen to the top of the unicorn list. Ant Financial, a payment arm of Alibaba Inc. (BABA), ranks first, with a value of roughly $149 billion. It inaugurated a blockchain-powered payment gateway between Hong Kong and the Philippines last month. Another fintech startup, OneConnect, is valued at $7.4 billion and is a subsidiary of insurance corporation PingAn. It is collaborating with the Hong Kong Monetary Authority to establish a blockchain-based trade finance platform by September of this year.

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