One of China’s largest and newest manufacturers of cryptocurrency mining equipment, MicroBT, is readying a US public offering, according to Chinese media reports.
Why it matters: Business is booming for cryptocurrency mining rig makers, as Bitcoin prices have reached historic highs over the last two months.
- MicroBT would be one of three major Chinese cryptocurrency mining rig makers to go public, along with Ebang and Canaan Creative.
Details: The company is “preparing” to list in the US, Chinese crypto blogger Colin Wu (in Chinese) reported on Wednesday, but he did not specify a timeline for the offering.
- MicroBT is looking to do another round of fundraising prior to the listing to buy more chips from Samsung so it can churn out more product, according to Wu.
- The Bitcoin network’s mining capacity has lagged the currency’s rising prices. Mining rig makers are struggling to keep up with demand, and their orders are fully booked for months.
- Wu estimated that MicroBT’s 2021 revenue would reach $1 billion.
- MicroBT did not respond to TechNode’s request for comment on Wednesday.
Context: MicroBT is a relative newcomer in crypto mining manufacturing. It was only founded in 2016, about three years after most of