Canaan Creative Set to Usurp Bitmain's Throne?
12 Mars 2019 - 5:37PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
March 12, 2019 -- ADVFN Crypto NewsWire -- Bitmain was the
king of crypto mining, at least until the second half of 2018 came
around and exposed some of the firm’s significant difficulties. Now
a rumor is even circulating that their former CEO, Jihan Wu, may be
leaving the company for greener pastures. On top of this, Bitmain’s
hardships have continued into 2019, with no apparent end in
sight.
Canaan Creative, which has been in
a perpetual second place to Bitmain, now appears to be making a
play to overtake them in the space. Leading their effort is the
fact that they have raised enough to be valued as a billion dollar
company, as of this Monday. By contrast, as many crypto investors
may already be aware, Bitmain disclosed a $500 million loss for the
better part of the second half of 2018. Ebang, which is reportedly
Canaan’s other major competitor, also reported significant losses
during the same time.
This news, along with the fact that
Canaan has been attracting such meaningful interest from investors,
bodes well for the possibility of them filing a second IPO
application in New York. If this were to happen and if their IPO
were to be successful, their path to the top of the struggling
mining industry would likely be set.
At this point, no other crypto
mining has been able to finish the IPO process without some sort of
roadblock standing in their way. If Canaan ends up being the first
to do so, then they may also end up being the first crypto mining
firm to attract a wide interest from the general public outside of
the crypto industry. This is, of course, dependent on investors
both showing great faith in their IPO as well as showing an
interest to spread the word about crypto mining to those who are
yet unaware of it.
In short, at this point, any
promise of Canaan or any other mining company jettisoning crypto
mining and thus, the crypto space, on its’ way to widespread
adoption, is highly speculative at best.
By: BGN Editorial Staff
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