‘Hurun China Rich List 2019’ Features 12 Crypto Magnates

‘Hurun China Rich List 2019’ Features 12 Crypto Magnates

“Hurun China Rich List 2019” published by Hurun Report, a research, media and investments firm, features 12 local crypto magnates.

“Hurun China Rich List 2019” published by Hurun Report, a research, media and investments firm, features 12 local cryptocurrency magnates.

The latest list was published on Oct. 10 and includes co-founders of mining giant Bitmain Micree Zhan and Jihan Wu, founder of major crypto exchange Binance Changpeng Zhao and founder of competing OKCoin — Star Xu. Lastly, Leon Li, founder of cryptocurrency exchange Huobi, is also on the list.

Mining hardware producers and crypto exchanges’ CEOs

Bitmain’s Zhan — with his net worth of 30 billion Chinese yuan (over $4.2 billion) — has secured for himself the 100th position on the list. Binance’s Changpeng Zhao is ranked 195th thanks to his 18 billion yuan ($2.5 billion) personal wealth. Interestingly, he moved up 35 positions compared to the 2018’s list.

Founder of OKEx Star Xu took the 398th spot on the list with 10 billion yuan ($1.4 billion). Huobi’s Li is placed 530th with 7.5 billion Chinese yuan (over $1 billion). Hu Dong, founder of mining ASICs producer Ebang, has reached the 684th place with a net worth of 6 billion Chinese yuan ($0.84 billion).

As Cointelegraph reported in September, cryptocurrency exchange Coinbase and Ripple, the blockchain startup behind XRP, have fallen out of the top 10 of this year’s business and employment-oriented service Linkedln’s “The 50 Hottest U.S. Companies to Work For” list.

Next Bitcoin Halving May Not Lead to Bull Market, Says Bitmain CEO

Next Bitcoin Halving May Not Lead to Bull Market, Says Bitmain CEO

Jihan Wu, CEO of mining giant Bitmain, believes the next Bitcoin block reward halving may not lead to a bull market, but the coin’s price will grow in the long term.

Jihan Wu, co-founder and CEO of Chinese mining giant Bitmain, believes the next Bitcoin (BTC) block reward halving may not lead to a bull market, but the coin’s price will grow in the long term.

According to Chinese industry news outlet 8BTC’s report published on Oct. 11, Wu made his remarks during the World Digital Mining Summit held in Frankfurt. 

Bulls may be late this time

Per the report, Wu explained that the crypto market moves in cycles and this time the next bullish phase may not start after the halving. He is also confident that in a long-term perspective crypto enthusiasts should invest in mining hardware, adding:

“There are many uncertainties, but now is a good time to invest in crypto mining. If I were a miner, I would not stop mining but continuing to invest in mining equipment. We are currently in a short-term correction of price. Having a long-term perspective is significant. If bitcoin’s price remains unchanged after halving, the efficiency of existing equipment must be improved to balance efficiency and computing power.”

Long-term perspective

Wu also promised that the company’s five nanometer mining application-specific integrated circuits will enter mass production in early 2020 while three nanometer chips are already in production. Furthermore, he stated that the firm has set up repair centers which are expected to reduce repair time to three days by the end of 2019.

Wu also confirmed that Bitmain will launch the World Digital Mining Map, a service which will connect mining hardware owners with mining farm owners, and the Ant Training Academy — its mining training service.

As Cointelegraph reported on Oct. 9, Bitmain announced two new series 17 Bitcoin mining machines.

Bitmain Announces Two New ASIC Cryptocurrency Mining Rigs

Bitmain Announces Two New ASIC Cryptocurrency Mining Rigs

Jihan Wu, co-founder of leading ASIC miner producer Bitmain, announced two new series 17 Bitcoin mining machines.

Leading Application Specific Integrated Circuit (ASIC) producer Bitmain announced two new series 17 Bitcoin (BTC) mining machines in a blog post published on Oct. 9.

Bitmain: higher efficiency and hashrate

Bitmain co-founder Jihan Wu announced the S17+ and T17+ mining machines at the World Digital Mining Summit (WDMS) in Frankfurt. Bitmain claims that the new ASICs feature improvements to power efficiency and hashrate. The post states that the new hardware is capable of performing tens of trillions of hashes per second (TH/s):

“The Antminer S17+ has a hash rate of 73 TH/s and operates with a power efficiency of 40 J/TH + 10%, while the T17+ offers a hash rate of 64 TH/s and a power efficiency of 50 J/TH + 10%.”

The announcement also mentions the dual tube heat dissipation technology featured in the new machines and claims that “the space between the air inlet to the air outlet has been reduced by 50%” which, in turn, improves both heat dissipation and fan noise. 

The introduction of ASIC miners changed the face of cryptocurrency mining, which previously relied on graphics processing units (GPUs) to solve the cryptographic puzzles in mining cryptocurrencies. 

ASICs are custom-built to a specific algorithm and can far outperform even the most powerful GPUs to mine cryptocurrencies, although some cryptocurrencies are ASIC-resistant. 

A global network for miners

In September, Binance announced a platform for connecting global crypto miners with farm owners. The World Digital Mining Map, which is also slated to launch during the WDMS, will purportedly connect mining hardware owners with mining farms who will provide the available power resources to host them for a fee.

Bitmain to Launch Platform for Connecting Miners and Farms in October

Bitmain to Launch Platform for Connecting Miners and Farms in October

Chinese crypto mining hardware giant Bitmain to launch its World Digital Mining Map during World Digital Mining Summit.

Chinese crypto mining hardware giant Bitmain will launch a platform connecting global crypto miners with farm owners in October.

World’s first resource to connect farms and miners

The platform, dubbed World Digital Mining Map (WDMM), will be officially launched during the World Digital Mining Summit (WDMS) taking place in Frankfurt between Oct. 8 and Oct. 10, Bitmain announced in a blog post on Sept. 27.

According to the announcement, the WDMM will be the first global network to connect mining hardware owners with mining farms who will provide the available power resources to host them for a fee. In turn, network members will get access to a number of personalized services from Bitmain, including assistance with mining farm design, connections to foreign clients to host, and support with operations, purchasing, and construction.

Listing applications during WDMS

In order to apply to be listed on the WDMM, mining farm owners will need to provide data on their current mining facilities and capacity to host other miners. Mining farm owners will be able to apply for listing on the WDMM during the WDMS event, the post notes.

Matthew Wang, Director of Mining Farm of Bitmain, stated that the WDMM will help make crypto mining more sustainable in the long term by providing a whole new way for connecting mining farms and hardware owners. Wang outlined the Bitmain’s commitment to leverage on-going support to miners throughout their hardware’s lifetime and to support the overall progress in the industry.

Top 10 mining farms

Additionally, Bitmain also plans to announce the winners of the world’s top 10 mining farms during the WDMS. According to the project’s website, winners will receive official certification and VIP tickets for the WDMS. According to the report, voting for the Top 10 Mining Farms is still open.

On Sept. 9, Bitmain launched two new Application Specific Integrated Circuit (ASIC) miners, the S17e and the T17e. According to the specifications, The S17e model has a hash rate of 64 TH/s and operates with a power efficiency of 45 J/TH, while the T17e offers a hash rate of 53 TH/s and a power efficiency of 55 J/TH.

Samsung’s Blockchain SSD Patent Could Disrupt Crypto Mining

Samsung’s Blockchain SSD Patent Could Disrupt Crypto Mining

Samsung’s entry into the crypto mining industry could disrupt the entire ecosystem if its latest patent comes to life.

Electronics giant Samsung filed for a patent in May 2019 titled, “Programmable Blockchain Solid State Drive and Switch.” Even though few details are known about the newly designed system, a surge in patent applications filed by large corporations on blockchain is clearly visible.

Related: Bank of America’s Blockchain Foray: Patent Trolling or Hedging Risks?

Patent wars — i.e., battles between corporations or individuals to secure patents for litigation — are certainly not new. They have been widely practiced in the tech ecosystem since the times of Alexander Graham Bell at the turn of the 20th century, who was involved in over 600 lawsuits. 

Any great invention from the past century has a history of some kind of patent war, but the digital age has accelerated this phenomenon. From the PC wars between Apple and Microsoft to the smartphone wars of the past decade, patents have been used for both offensive and defensive measures.

It has been clear since the beginning that blockchain would see an increasing interest from corporations, which would turn to securing their patents as soon as possible. In just over a year, IBM has tripled the number of blockchain patents secured in the United States to over 100, while Alibaba leads the way with over 260 patents related to blockchain. 

The number of global blockchain patent filings now considerably outpaces the patent filings for other technologies. However, Samsung has stayed relatively restrained with blockchain. That is, until it registered for a programmable blockchain SSD. 

Technical details about the Samsung patent

This programmable data storage device consists of a nonvolatile memory and a storage controller that is configured to control the system. It has a network interface and a field programmable gate array that is configured to implement a blockchain algorithm. While doing so, it stores at least a block of a blockchain corresponding to the blockchain algorithm in its nonvolatile memory through the storage controller. 

Moreover, the gate array will be configured to a processor that has a memory with instructions stored. When executed, the processor sends and receives one or more blocks of the blockchain via the network interface. Additionally, the processor controls the programmable gate array to execute the blockchain algorithm on one or more blocks of the blockchain.

Advantages of the new patent

To understand the significance of this new patent, the drawbacks of general purpose computer devices and ASICs should first be examined. 

General purpose computer devices (usually GPUs) must be combined with the right software, drivers and configurations to execute a moderately efficient mining algorithm. Even though one GPU can mine multiple coins through this technique, its efficiency is very low. What’s more, to change the coin being mined is a hassle and very few miners are able to do so, while the cost of GPUs can vary significantly, as their price is influenced by the gaming and virtual reality industries.

On the other hand, ASIC miners are professional mining equipment designed for computing a specific algorithm. This narrowed scope gives the hardware the ability to mine efficiently compared to general-purpose computing devices. However, the rigidity in mining algorithms makes the miner obsolete once a newer, more efficient device becomes available, and many coins are specifically designed to be incompatible with ASICs.

Sam Town, an independent crypto analyst told Cointelegraph that Samsung’s patent doesn’t necessarily mean that the company is going to develop the product:

“Patents are not necessarily a tool to just protect your idea. It can be a defensive weapon to stop other companies from making similar products. Moreover, it can be used to send a signal to the market about the company’s intentions. This is most likely the case with Samsung”

However, Nicolas Kokkalis, the head of technology at Pi, the first digital currency compatible with mobile mining, doesn’t agree with Town. Kokkalis stated:

“Flexibility comes at the cost of speed and power consumption. FPGAs can be re-programmed with software, but they are slower than ASICs and they consume more electrical power. So for consensus algorithms, like Bitcoin’s proof of work, where speed and power consumption is critical, ASICs will always be the choice of miners when possible. There are, however, attempts of consensus algorithms that aim to be ASIC-resistant, e.g., by producing memory-limited algorithms, GPU-hungry functions or by periodically changing the algorithm leaving no-time for ASIC designers to create ASICs in time before the next algorithm rotation.”

Cointelegraph reached out to the inventors of the patent — Rajinikanth Pandurangan and Vijay Balakrishnan — for their comment on the matter, as well as Samsung, but each refrained from commenting on the matter.

Crypto mining and Samsung

The aforementioned patent is not the first time Samsung has tried to disrupt the crypto mining space. The company has been designing and manufacturing three nanometer and five nanometer chips for Bitcoin mining since the first quarter of 2018. 

The manufacturing process is based on extreme ultraviolet lithography technology, which makes the new 7LPP chips more dense and energy efficient. Samsung states that 7LPP will enable the development of other emerging technologies, such as artificial intelligence, the Internet of Things, networking, 5G, automotive as well as technology for enterprise and hyperscale data centers.

Samsung has also entered into a strategic partnership with MicroBT — the third-largest designer of Bitcoin ASICs. MicroBT’s latest device, the M20S WhatsMiner, has 68 terahashes per second (Th/s) and a power efficiency of 48 watts per terahash. To compare this with industry standards, Bitmain Antminer S9 achieves 13.5 Th/s with a power efficiency of 98 watts per terahash — making Samsung’s chips allegedly five times more powerful than those used by Bitmain.

Samsung’s potential pivot toward crypto mining should not come as a surprise, as it is the world’s second-largest producer of semiconductor, just behind Intel, which has actually been making its own mining chips.

In November 2018, Intel filed a patent for “energy-efficient high-performance Bitcoin mining.” The patent for a system-on-a-chip includes hardware that accelerates Bitcoin mining, reduces power consumption and is optimized to reduce the space and energy utilized during the mining process.

What is the impact of big players entering the market?

The sheer size of Samsung’s semiconductor plant could give the firm an automatic advantage, and the same goes for Intel — and this is only taking its existing infrastructure into account. Samsung is one of the biggest spenders on R&D, spending over $8 billion during the first half of this year alone. With the ever-changing mining algorithms and the need to be continually efficient, new tech from these giants could easily supersede existing hardware.

Town believes there is no way around this problem. In his opinion, unregulated capitalism is bound to create monopolies:

“It is the very nature of competition. There will be a winner (or a few) and most will either be acquired or they will die out. The idea that companies will compete in perpetuity and benefit consumers as a result is flawed. The advantages that Samsung has over miners like Bitmain and Canaan can never be overcome.”

However, Samsung’s foray into mining could also have positive impacts on the ecosystem. Being one of the largest companies in the world, the tech giant can make an impression on regulations worldwide. Theoretically, Samsung possesses the influence and resources to lobby governments and even change the public perception around crypto. 

Samsung hopping on the crypto bandwagon

Hardware manufacturing is not the only front in which Samsung has shown interest in blockchain technology. In 2019, Samsung invested around $8.1 million in the blockchain-based company Blocco and $4 million in KZen Networks. The tech company even confirmed that it is in the process of developing its own blockchain mainnet based on the Ethereum platform. Moreover, the company announced it was working on its own crypto token: the Samsung Coin.

President and CEO of Samsung SDS Hong Yuan Zhen disclosed in May 2019 that blockchain can improve productivity in the manufacturing industry. He even praised the productivity gains that real-time data analysis and predictions could bring in conjunction with blockchain technology.

In July 2019, the company announced that Samsung Galaxy S10 users could add the Pundi XWallet app to their Samsung Blockchain Wallet. Customers can move cryptos in the Samsung Blockchain Wallet into the XWallet. XWAllet now supports 33 different cryptocurrencies and has seen integration of decentralized applications (DApps). Over 10 DApps are already on the wallet.

Bitmain Launches Two New S17 Bitcoin ASIC Miners

Bitmain Launches Two New S17 Bitcoin ASIC Miners

Bitmain announced two new S17 series Bitcoin miners and a delivery delay compensation program.

Leading mining Application Specific Integrated Circuit (ASIC) producer Bitmain announced two new S17 miners in a news release shared with Cointelegraph.

The two new mining ASICs, the S17e and the T17e, will both be launched on Sept. 9. The company claims that both the new models feature improvements, which should translate to higher efficiency, more stable operation and more longevity.

ASIC specifications released

Bitmain also released the specifications of both the newly announced mining machines. The S17e has a hash rate of 64 TH/s and operates with a power efficiency of 45 J/TH, while the T17e offers a hash rate of 53 TH/s and a power efficiency of 55 J/TH.

Both the S17e and the T17e feature a dual tube heat dissipation system, reportedly enhancing the longevity of the hardware and its stability. 

Furthermore, Bitmain also claims that the software embedded into the two new ASICs has higher cybersecurity standards to prevent malicious attacks.

Sale and delivery times

The S17e and T17e will be released in three batches. The first batch will be available for sale on Sept. 9, and is expected to be delivered in the first 10 days of November. The second batch will be sold on Sept. 10 and will be delivered in the period starting on Nov. 11 and ending on Nov. 20.

The third and final batch will be sold on Sept. 11, and its delivery is scheduled for the period starting on Nov. 21 and ending on Nov. 30.

As Cointelegraph reported in August, Bitmain will reportedly increase its capacity by 50% in the next six months on the back of a giant hardware order.

Delay compensation program announced

The company has also announced compensation for delivery delays. As part of this new initiative, customers whose deliveries are delayed will be compensated by Bitmain with coupons for every day their order is late. The compensation is based on pay per share rewards of the mining pool, with the electricity cost deduced.

Bitmain Chip Supplier Faces Infringement Lawsuits From Competitor

Bitmain Chip Supplier Faces Infringement Lawsuits From Competitor

GlobalFoundries, the world’s second-biggest semiconductor foundry by sales after TSMC, has filed multiple infringement lawsuits against its competitor.

TSMC, the world’s largest independent semiconductor foundry and chip supplier for Bitmain, is facing multiple lawsuits from its competitor GlobalFoundries (GF).

Alleged patent infringement 

GF, the second biggest semiconductor foundry by sales after TSMC, filed several lawsuits in the United States and Germany, accusing Taiwanese TSMC of infringing on 16 GF patents, according to an official GF statement on Aug. 26.

In the lawsuits, the California-based company seeks orders to ban TSMC from importing semiconductors produced with its technology to the United States and Germany, with GF claiming that importation of infringing Taiwanese semiconductors is unlawful. 

Additionally, GF is seeking damages from TSMC based on TSMC’s unlawful use of GF’s proprietary technology in its “tens of billions of dollars of sales,” as announced by GF.

Multiple lawsuits were filed on Aug. 26 in the U.S. International Trade Commission, the U.S. Federal District Courts in Delaware and Texas, and the Regional Courts of Dusseldorf and Mannheim in Germany.

TSMC will defend its tech

TSMC published an official statement regarding the issue on Aug. 27, claiming that the company is in the process of reviewing the complaints. However, TSMC stressed that they are confident that GF’s allegations are baseless. TSMC added that the firm is “disappointed to see a foundry peer resort to meritless lawsuits instead of competing in the marketplace with technology.”

Apple, Google and Nvidia also on the list of defendants

According to a report by Chinese finance news outlet Sina, GF’s allegations included infringement of technology that covers 7 nanometer (nm), 10nm, 16nm and 28nm semiconductor processes. Citing a report by China-based tech blog DeepTech Deep Technology, Sina reports that apart from TSMC, Apple and Nvidia, as well as six chip design manufacturers and ten consumer product suppliers such as Google, ASUS and Lenovo have joined the list of defendants. 

In July, Bitmain reportedly confirmed its urgent order for wafers from TSMC, claiming that it will receive 30,000 7nm wafers from the company.

Bitmain Valuation to Hit $12B With New 600K Chip Order, Source Says

Bitmain Valuation to Hit $12B With New 600K Chip Order, Source Says

A source close to the mining chip manufacturer involved in the deal confirmed an order for 600,000 7nm units.

Bitcoin (BTC) mining giant Bitmain will increase its capacity by 50% in the next six months on the back of a giant hardware order, a source close to the deal has said.

Bitmain eyes 50% capacity increase

As reported by Chinese social media network WeChat on Aug. 23, Bitmain, which has seen a dramatic reversal of fortunes in 2019, will now buy 600,000 mining chips.

According to a source close to the Taiwanese chip manufacturer processing the order, the chips will be of the most recent 7nm variety, the hash rate of which will be 50 tera hashes per second. 

“Based on this calculation, after half a year, Bitmain’s total network computing power will skyrocket by about 50%,” the publication notes, adding Bitmain’s valuation will subsequently top $12 billion.

Mining operators trickle into the black

In July, the company and competitor Canaan Creative sold 5,000 application-specific integrated circuit mining rigs, or ASICs, to German operator Northern Bitcoin.

As Cointelegraph reported, the increase in Bitcoin mining profitability this year has improved the prospects for operators like Bitmain. In late 2018, pressure was visible, with the company closing down operations and firing staff in some countries.

The impact of the previous Bitcoin bear market lingers on, Bitmain reporting losses of $625 million for January and February. 

Renewed plans to conduct an initial public offerings — or IPO — in the United States could meanwhile come to fruition before the beginning of 2020.

Bitmain Accuses Cryptocurrency Project of Impersonation

Bitmain Accuses Cryptocurrency Project of Impersonation

Bitmain has accused a cryptocurrency project of falsely using its name in the promotion of a product dubbed Mangocoin.

Cryptocurrency mining hardware manufacturer Bitmain has accused a cryptocurrency project of falsely using its name in the promotion of a product dubbed Mangocoin (MNG).

In an Aug. 9 blog post, Bitmain states that it came across a fraudulent use of its brand in the sale of a product dubbed “Bitmain Cloud Miner” and in the promotion of Mangocoin. The fraudsters allegedly masqueraded as Bitmain and promoted the products on their website, application and software.

Bitmain thus warned the public that Mangocoin and its social media accounts, website, application and dedicated groups in messenger apps are not the company’s business channels or platforms, noting that Bitmain does not stand behind MNG as its developer.

The company further says that it has taken legal action in order to protect itself and its users’ rights, adding:

“We would like to remind our existing and potential customers to correctly identify the service provider when purchasing products, to sign up for or purchase anything online only after careful deliberation and stay alert to misleading promotions, illegal fund-raising, fraud and other malicious activities on the internet.”

As reported in late July, cyber criminals had been sending scam emails claiming to be from the United Kingdom’s Financial Conduct Authority and promoting crypto assets investments. 

In January, Japanese online broker Monex Group, the owner of hacked cryptocurrency exchange Coincheck, warned of a new scam claiming to be related to its business. The scam, about which only brief details have been released, involved potential victims receiving calls from an entity dubbed “Monex Coin Management.”

Mining ASIC Giant Bitmain Lost $625 Million, Expects Profits in April

Mining ASIC Giant Bitmain Lost $625 Million, Expects Profits in April

Chinese mining and mining Application Specific Integrated Circuit manufacturer Bitmain lost $625 million in the first two months of this year.

Chinese mining and mining Application Specific Integrated Circuit (ASIC) manufacturer Bitmain lost $625 million in the first two months of this year, local media QQ reports on Aug. 2.

Hundreds of millions lost

Per the report, the firm sustained losses of $625 million by March, $345 during January, and $280 million during February. Those results were reportedly driven by the sales of outdated 16 nanometer ASICs at low prices, and once the inventory is cleared of those machines, new profits are expected from the sale of new, 7 nanometer mining rigs.

The gross profit margin of the company is expected to reach 30% in April thanks to sales of the aforementioned device. At the end of March, the firm announced that its 7 nanometer Antminer S17 series miners are expected to launch on April 9.

As Cointelegraph reported in June, Bitmain is revisiting plans for an initial public offering as the cryptocurrency market started reporting gains again. While the company was hoping to raise $3 billion from its planned Hong Kong IPO, the most recent report suggested that this fundraising target will be reduced to between $300 million and $500 million if it lists in the United States.

Earlier this week, unconfirmed reports surfaced that Canaan Creative, a major competitor to Bitmain, had become the first Chinese Mining firm to file for an IPO in the U.S.

Bitcoin Miner Buys 5,000 ASICs as Network Hash Rate Climbs to New All-Time High

Bitcoin Miner Buys 5,000 ASICs as Network Hash Rate Climbs to New All-Time High

Bitcoin miners now employ almost 70 quintillion hashes per second to maintain the blockchain.

German Bitcoin (BTC) mining company Northern Bitcoin has signed a deal to buy almost 5,000 mining rigs from Bitmain and Canaan Creative, the company confirmed in a press release on July 1.

Northern, which is headquartered in Frankfurt but operates a site in Norway, aims to double its capacity, currently operating with 55 petahashes per second. 

The expansion is part of a long-term scaling plan with a focus on sustainable energy which began last week, officials explained, as the Bitcoin mining industry becomes ever more popular and competitive. 

“The acquisition of the sought-after hardware is a great success for our company,” Moritz F. Jäger, CTO of Northern, commented in the press release. 

“With the doubling of our mining equipment just a few days after the start of our global scaling, we are setting the pace with which we aim to take a leading position in the fast-growing blockchain industry in the coming years.”

The announcement came at the same time as the Bitcoin network’s overall hash rate hit yet another new record. As of Monday, the number had surpassed 69 quintillion hashes per second – as investor Kevin Rooke noted, ten times the number of grains of sand on Earth. 

Northern meanwhile added it would seek to open new sites in future at as yet undisclosed locations. 

Last week also saw U.S. mining operator Plouton Mining announce a new plant in California, set to become North America’s largest solar-powered installation.

As Cointelegraph reported, current estimates consider around 74% of the world’s Bitcoin mining activity to come from sustainable sources.

Bitmain Shifting IPO Plans to the US on Growing Bitcoin Optimism

Bitmain Shifting IPO Plans to the US on Growing Bitcoin Optimism

Bitmain is preparing for an initial public offering in the United States — three months after plans for a share sale in Hong Kong lapsed, according to a report.

Chinese cryptocurrency mining giant Bitmain is revisiting plans for an initial public offering (IPO,) Bloomberg reported on June 21.

The company had filed to list an IPO on the Hong Kong Stock Exchange, but the application expired on March 26.

Now, Bitmain is reportedly planning to file listing documents with the United States Security and Exchange Commission, potentially paving the way for a share sale to take place later this year.

While the company was hoping to raise $3 billion from its planned Hong Kong IPO, the Bloomberg report suggested that this fundraising target will be reduced to between $300 million and $500 million if it lists in the U.S.

It comes as bitcoin (BTC) prices exceeded $9,800 — with this figure often being used as a barometer for how the crypto industry is faring.

At the end of March, Bitmain said it remained committed to realizing the “huge potential of the cryptocurrency and blockchain industry” even though its six-month window for filing an IPO in Hong Kong had lapsed. The company also claimed it has become “more transparent and standardized” as a result.

In February, a document suggested that Bitmain could have amassed losses of $500 million in the third quarter of 2018, indicating that last year’s bear market had taken a toll on the mining sector.

Earlier this month, it was reported that a new crypto services venture by ex-Bitmain CEO Jihan Wu was close to launch.