Bitcoin Mining Rivalry: Canaan Creative Plans $1 Billion IPO

Bitcoin mining giant Bitmain’s biggest rival in the industry is planning a grand $1 billion initial public offering (IPO).

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Canaan Creative is a huge crypto mining hardware manufacturer in China, second only to the giant Bitmain. The company is planning on becoming the first ever blockchain startup to be listed on the Hong Kong Stock Exchange (SEHK) with an IPO goal of $1 billion.

If the company is successful with raising $1 billion, it would surpass its 2016 valuation of $523 million by nearly a hundred percent!

Last month, the company was proud to announce that it was producing roughly 20% of the bitcoin mining rigs sold worldwide, making a $64 million net profit last year.

Canaan Creative now expects a 700% increase in year-over-year (YOY) gross revenue to $1.5 billion this year.

The majority of the remaining market share belongs to none other than China’s biggest bitcoin mining hardware manufacturer, Bitmain. Last year, the giant has reported a $4 billion operating profit, putting it within the ranks of Nvidia.

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