One billion: mining company Canaan Creative holds ambitious IPO

Canaan Creative, a mining hardware producer company based in China (as some reports say, second biggest after Bitmain), has recently filed for an initial public offering.

While some observers may say that ICOs would replace IPOs, the filings show that the latter investment attraction method is still worth using. Canaan wants to obtain the $1 billion revenue and there is no reason to believe the IPO will be entirely unsuccessful. Market watchers state that there had already been several acquisition offerings. One of such deals didn’t happen because the potential buyer, Shandong Luyitong Intelligent Electric, has concerns about what Chinese authorities think about mining.

Canaan Creative has already appeared in the news on Bitnewstoday: the January report citing other outlets provides a number of $46.6M of revenue in 2017. In the latest data, profits make $56 million.

ASICs produced by mining companies cause concerns of cryptocurrency enthusiasts, as sometimes developers do not take the factor of hardware development into account. One of the latest examples is Bitcoin Gold, the creators of which were not ready for the introduction of Bitmain’s Antminer Z9 capable of mining Equihash-based digital currencies.