Bitcoin, Crypto currency, Blockchain

Bitcoin Cash increases by 27 percent, Bitmain-IPO is a concrete

d488726bcd7256a5012cc76b0bb06f93 - Bitcoin Cash increases by 27 percent, Bitmain-IPO is a concrete

After two months full of question marks comes back to the IPO plans of the Chinese Mining company Bitmain. How a on 26. September published document, Bitmain deposited an official application for the Hong Kong Stock Exchange. This announcement also investors will be happy in the Bitcoin Cash in the Cryptocurrency rises in the meantime, more than 20 percent.

Now it counts: Bitmain has filed for its Initial Public Offering is officially on the Hong Kong Stock Exchange (HKEX). Thus, Jihan Wu makes his announcement actually true, and bring the Mining giant to the stock market. Since the Bitmain CEO had told in June of the plans, speculated the crypto scene over the location and timing of IPOs, as well as the Valuation of the company. Wu himself had first brought 12 billion dollars as a benchmark value to the game, and the value of his company so highly.

Not so successful in the Pre-IPO as desired

In the following months, however, there were some irregularities in relation to the IPO. So, an investment company, Sequoia Capital China invested a whopping $ 400 million in Pre-IPO. Sequoia Capital, however, belongs also to the original in Bitmain invested venture capital companies. Of another alleged large-scale investors Bitmain, however, received a rejection.

Thus, Chinese media reported that an Investment of one billion U.S. dollars by the Chinese technology company Tencent and the Japanese SoftBank. As a result, you corrected the expectation is equal to 18 billion dollars, upwards. Some time later, both Tencent as well as SoftBank reported to be not in the Pre-IPO from Bitmain involved. Also, the Investment company Temasek had a participation of.

A good day for Bitmain – Bitcoin Cash?

Now, therefore, the application to the Hong Kong Stock Exchange. In a more than 400 pages long, the application font Bitmain sets out the basic features of the planned IPO, and opens his books. The manufacturer for Mining Hardware revealed a net profit of 740 million US dollars and a turnover of 2.8 billion US dollars in the first half of the year. Even if the application omits the target stock market value, so expect a high rating.

The stock exchange registration Bitmains is also reflected elsewhere. So, the price of Bitcoin-Hard-Fork Bitcoin Cash in the 24 hours after the Veröffentlichtug of the document by more than 20 percent and increased. Thus, the Bitcoin to Cash exchange rate is again well over 560 US dollars, the market capitalization scratch the 10-billion-U.S.-Dollar mark. This rate increase is in the special relationship, which connects Bitcoin Cash and Bitmain.

How strong is the combination of Bitmain and BCH is that?

How in August it became known, holds Bitmain – in addition to smaller deposits of various crypto more than a Million Bitcoin Cash currencies. With a circulation of about 17 million BCH this would correspond to a share of almost six percent of all Bitcoin-to-Cash units – a significant amount. So Bitmain makes clear, behind which is the crypto currency of the company.

A still greater control over the fortunes of Bitcoin-Cash-Community wins Bitmain through the use of its ASIC Miner to mine Bitcoin for Cash. Bitmain has held with almost 80 percent share of the market is not only a dominant position in matters of sale of Mining Hardware. The company also operates the two largest Mining Pools and is involved in a third. The company is in an outstanding Position, with new BCH-generating units.

Critical voices Bitmain is therefore also referred to as a kind of Central Bank of Bitcoin Cash. This to a reserves of the currency and control the money supply. Even if the name uses the Central Bank is certainly a little too far, so the influence Bitmains on the fortunes of the BCH Community is not to be underestimated.

What is the Bitmain-IPO means for Bitcoin Cash?

On two Due to BCH can benefit from a successful IPO. Thus, a large part of this money could flow directly into the Bitcoin Cash, which increase the BCH reserves Bitmains and the circulating BCH amount would reduce. Also Bitmain might invest even larger sums in state of the art Mining technology to the Mining of Bitcoin Cash. In both cases, the Bitcoin Cash means that The price rises. The joyful expectation of it also explains the 27-percent increase in the last 24 hours.

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