Ebang Set To Increase Production Of Mining Devices

Ebang, one of the world’s largest manufacturers of mining equipment, intends to release at least 400,000 bitcoin mining devices in 2019, according to local news outlet Yuhang Morning Paper.

Despite the fall in the crypto market in 2018, the management of Ebang is making optimistic plans. The release of 400,000 mining devices in 2019 corresponds to the number in the previous year. In 2017, Ebang sold almost 160,000 mining devices, this figure exceeded 300,000 in the first half of 2018, and the company’s revenue grew to more than $300 million.

Along with other enterprises for the production of mining devices, Ebang revenues for the period from July to September 2018 decreased significantly compared with the first and second quarter. The data is indicated in the December application of the company, which it submitted for the organization of the initial public offering (IPO).

The company first announced filing the application for IPO in June 2018, it planned to collect about $1 billion. In December, it was reported that the application was still under consideration of the Hong Kong Stock Exchange, and the initial desired amount of funds decreased almost twice.

Bitmain and Canaan, two other major mining companies, also submitted their IPO bids. The first one is waiting for consideration, and the application of the second company was withdrawn in November 2018. It should be noted that Canaan, Ebang, and Bitmain jointly control approximately 82.5% of the crypto mining business, according to 8BTC.