Three Bitcoin mining firms become China’s first crypto unicorns 18713
News
Chaitanya Thammaya
Jul 18, 2018 at 5:00 PM

Three major Chinese Bitcoin mining firms have become China’s first crypto unicorns, with a value of over $1 billion. The companies along with several other Bitcoin mining firms have featured in Hurun Research Institute’s Q2 Unicorn Index. The Shanghai-based research institute published the index for Greater China region on Wednesday. The Hurun Research Insititute’s list, which names over 130 Chinese unicorns, has never featured a firm that’s completely focussed on cryptocurrency.

Bitcoin has shrugged off the bearish moment and saw a rise of 9.95%, despite a Bitcoin mining scam. The Kodak KashMiner, a BTC mining scheme has ended in failure after it was flagged as a scam. The BTC miner has also been blocked by the U.S Securities and Exchange Commission.

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The list published by the Hurun Research Institute includes major Bitcoin Mining firms like Bitmain, Canaan Creative and Ebang. Bitmain, with a valuation of around or about $10.4 billion (70 billion yuan), is at the 13th place. The firm ranks the highest among the 3 Bitcoin miners included in the list. This development for Bitmain comes right after they announced the completion of a Series B round funding. This could shoot up the firm’s value ahead of a potential initial public offering (IPO), to around $10 billion ahead.

The other two crypto unicorns on the list, Canaan Creative and Ebang are at rank 32 and 53, respectively. The mining firms’ value is estimated to be around $3 billion and $1.5 billion, respectively. According to reports, both organizations have filed applications to go public on the Hong Kong Stock Exchange. However, how much the organizations aim to raise and what their valuations might be is still unclear. This is because their IPO applications were still in draft form.

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But, a previous report from Reuters from mid-2017, estimated Canaan’s worth to be $500 million. These three Bitcoin mining firms are the first cryptocurrency focussed firms to be featured on the Greater China Unicorn Index. But, the list also features several major Blockchain companies as well. Like Alibaba’s payment affiliate, Ant Financial.

The firm, which is valued at $149 billion, tops the list. The organization launched a blockchain-driven payment corridor between Hong Kong and the Philippines, late last month. Another firm on the list is OneConnect, Chinese insurance giant PingAn’s fintech development arm. The company has a valuation of $7.4 billion. The organization has also developed a blockchain trade finance platform with the Hong Kong Monetary Authority.

Image via Metacoin

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