Whatsminer is preparing for the U.S. stock market listing, is China’s crypto mining industry ushering in a listing wave?


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The concept of Bitcoin mining is currently hyped in the US capital market, and the market value of Shenma may reach billions of dollars after its listing.

Original title: “Exclusive: Shenma Mining Machine prepares for the US stock market listing of China’s crypto mining industry or welcomes the listing tide”
Author: Wu said blockchain

Wu said that the blockchain has learned from multiple sources that Bitcoin Mining Machine (Shenma Mining Machine), currently the second-largest mining machine manufacturer in the Bitcoin mining machine market, is preparing for a US stock listing. New financing may be completed before listing to help obtain more Samsung chip production capacity in the bull market, and at the same time, it is likely to sign the terms of listing and betting.

As the current Bitcoin price has risen nearly three times in half a year, the computing power of the entire network has only increased by 30%, and the price of mining machines has also risen nearly three times. Any mining machine manufacturer can quickly make a profit as long as it obtains more chip production capacity. For the mining machine factory, cherishing the bull market time, shipping as much as possible, and obtaining profit is also the strategy of Shenma Yang Zuoxing and Bitmain Zhan Ke Tuan.

Therefore, it is said that the main purpose of the news of Shenma’s listing is to complete a new round of financing and obtain more Samsung chip production capacity. But investors will inevitably propose the time limit for listing, so the listing speed will also accelerate.

Yang Zuoxing, the founder of Shenma Mining Machine, used to work in Bitmain and claimed to be the main force in the development of the first generation of machine king S9 (but also denied by some Bitmain developers). After leaving Bitmain, Yang Zuoxing founded Shenma Mining Machine and received investment from the Bixin System, Yuchi System, etc. and the support of BTC core.

Whatsminer’s rise in 2018, relying on the success of Samsung’s 8nm chip products and the disadvantage of Bitmain’s 7nm product development, successfully seized the market. At present, the market share of large computing power Bitcoin mining machines exceeds that of Bitmain. It is expected to ship hundreds of thousands of units in 2020.

Due to the heavy investment, high inventory, and high risk of the mining machine production industry, there is a time period between order placement and mass production, and a sharp drop in currency prices in the middle may be worthless. Therefore, listing is of great significance to the capital flexibility of mining machine companies. Multiple sources told Wu said on Blockchain that Shenma started planning to go public in 2019, but due to lawsuits that occurred at the end of 19, the listing rhythm was disrupted.

At the end of October 2019, Yang Zuoxing, the founder of Shenma Mining Machinery, was taken away by the police for investigation because of Bitmain’s report of infringement of business secrets. In early December 2019, the Nanshan District Procuratorate in Shenzhen approved the arrest of the criminal suspect Yang Zuoxing for the crime of embezzlement. In January 2020, Yang Zuoxing was released on bail pending trial.

Yang Zuoxing was still in charge of the company’s research and development after being released on bail, but he ostensibly withdrew from the legal person of Bitmicro related companies in the Mainland. On December 5, 2020, Yang Zuoxing participated in the “Shenzhen New Future of Pingshan High-tech Zone” salon dialogue. Many government officials from Guangdong and Shenzhen participated. On December 19th, after more than a year, Yang Zuoxing made a circle of friends. Although the content was long-distance running, “I am back” implied that the problem was solved and fully returned.

Shenma’s operating conditions are relatively good. It is expected that revenue in 2020 should be in the hundreds of millions of dollars, and Bitmain’s revenue in 2020 should be in the range of 1 to 2 billion US dollars. Shenma’s new generation of M50 series machines have also been officially put into trial production, or strive to be shipped before the high water period. Considering its current market share, it may be highly sought after in the US stock market. Due to the sharp increase in mining machine prices, Shenma’s revenue in 2021 may reach 1 to 2 billion US dollars.

The concept of Bitcoin mining is currently very hot in the US capital market. The market value of BTBT filled with second-hand mines in Yuhong has reached 1.2 billion US dollars. The market value of Canaan has also tripled in the last six months. It is expected that the market value of Shenma may reach dozens after its listing. It is not impossible to exceed tens of billions of dollars. Chinese crypto mining companies currently listed on US stocks include Canaan, Ebang, Bit Digital, 500.com, and Ninth City.

Canaan, Yibang and other mining machine manufacturers have successfully listed on the US stock market, so for Shenma, there is no major problem with the procedure. However, the first premise is that Bitmain’s trade secret infringement case is indeed “finished” as suggested by Yang Zuoxing’s circle of friends; on the other hand, Shenma is also facing a prosecution dispute from Yibang.

On November 30, Wu said that the blockchain exclusively disclosed that Yibang announced that it had obtained the exclusive right to use the ASICBOOST Korean patent from the patentee Circle Line International. The ASICBOOST patentee has sued Samsung in South Korea for patent infringement. Go to court, demanding that Samsung stop supplying chips for Shenma, and demand huge compensation and destroy the products it has manufactured. The lawsuit is still at the stage of court acceptance. Refer to ASICBOOST for another turmoil: Yibang obtained the exclusive authorization of Shenma Samsung to be sued to review the history of patent wars .

In addition, Wu said that the blockchain learned that when the Bitmain spin-off, Zhan Ketuan promised to complete a qualified listing of U.S. stocks before December 31, 2022. The minimum valuation of qualified listings is 5.5 billion U.S. dollars and the listing financing is not less than 500 million U.S. dollars. Completion may require repurchase from investors and payment of interest. Refer to the start of the Bitmain spin-off: Zhan Ketuan returns to Wu Jihan and exits with B pool Deer cash ( Bitmain series 26) Bitmain has more business than magic horses, as well as mining pools, mining farms, small currency mining machines, AI, etc. . Therefore, not surprisingly, if the bull market can be listed, the market value will skyrocket or even reach tens of billions of dollars.

Therefore, not surprisingly, Shenma and Bitmain are likely to be listed on both US stocks in the next two years. It was once rumored that a certain mining pool and cloud computing power would also consider logging into the US stock market. After years of struggle, chaos and fighting, China’s cryptocurrency mining industry is finally about to reach the top of the capital market.

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