Top-3 Mining Rig Maker Ebang Eyes Market Turnaround in 2019

bitcoin mining rig

Ebang, the third largest mining tools producer, plans to make at the least 400,000 of its Ebit mining rigs in 2019. The firm instructions a 9.2% share of the worldwide mining {hardware} market, mendacity behind solely Bitmain and Canaan.

Ebang Expects to Sell 400Ok Units in 2019

The newest firm studies present gross sales of just about 159okay models in 2017, adopted by nearly 309okay models within the first half of 2018. Total figures for 2018 are usually not but accessible, however Ebang reported “significant decreases” in Q3, in comparison with the earlier quarter. This is in widespread with different mining rig producers, because the crypto winter began to take maintain.

We skilled vital decreases in income and gross revenue for the three months ended September 30, 2018 in comparison with the previous three months ended June 30, 2018.

But these newest plans, based on an area information outlet, recommend the downturn hasn’t dented the corporate’s outlook an excessive amount of. 400okay models is 2 and a half instances the whole gross sales in 2017, and sure akin to the eventual 2018 complete.

Hong Kong IPO

Like the remainder of the mining {hardware} manufacturing main gamers, Ebang is trying to go public. It has an IPO pending with the Hong Kong Stock Exchange, having up to date its prospectus final December.

Hong Kong monetary laws require a ‘quiet interval’ round an IPO when insiders are usually not allowed to launch firm info. Therefore Ebang couldn’t verify or deny the reported unit manufacturing determine for 2019.

Hong Kong cryptocurrency

Dominant participant, Bitmain, additionally has an IPO software pending with the Hong Kong Stock Exchange, which it filed in September 2018. Rumors arose that this was in jeopardy resulting from large Q3 2018 losses. It stays to be seen how these plans develop as Bitmain this week unveiled a brand new 7nm ASIC chip.

Second largest producer, Canaan, in the meantime was the primary to aim an IPO itemizing in Hong Kong, though it will definitely allowed this to lapse. The newest suggestion is that Canaan is now contemplating an IPO in New York.

According to studies, the three firms command a mixed 82.5% of the market share by way of gross sales income.

Will Ebang promote 400okay models in 2019? Share your predictions beneath!

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