Cryptocurrency mining giant Bitmain Technologies has bought more than 600.000 new mining machines, which will contribute $1.2 billion in yearly profits. That could add closer to $12 billion to Bitmains marketcap. It’s not difficult to see why Bitmain want to grow rapidly right now, they are planning for an Initial Public Offering (IPO) in the U.S. market later this year.
This IPO has been on and off for two years, but now it seems to finally reach it’s zenith. Rumors has it hey plan to raise as much as $500 million in the offering.
The order for the mining machines landed at Taiwan Semiconductor Manufactoring Company. They publicly informed the market about the huge order last friday. Part of the machines will include the lates model with close to 50TH, which means Bitmain’s total hash power will jump about 50% after six months.