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Bitmain completes its pre-IPO round – Tencent invests in the Bitcoin mining company




Bitmain has completed its pre-IPO round - Tencent invests in the Bitcoin mining company
Source: Unsplash

According to QQ browser, Bitmain, the largest Bitcoin [BTC] mining company and Application-Specific Integrated Circuit [ASIC] chip producer has completed its pre-IPO round. The company has raised over $1 billion through the pre-IPO.

The speculation of secret IPO and Tencent investment in the company has been doing its roundabouts in the cryptoverse. The main investors of the pre-IPO of the Bitcoin mining company are Tencent, Softbank, and China Gold. The recent investment has placed the company’s valuation at $15 billion.

Tencent Holdings Limited, a Chinese multi-national investment firm, Softbank, a Japanese multi-national company and China Gold, a mining company have together invested $1 billion in the company.

In addition, the company is set to conduct its IPO in the next few days and is set to be applying for the IPO through the Hong-Kong Stock Exchange in the month of September. The Bitcoin mining company is set to go public by the end of this year.

The CEO of Bitmain, Jihan Wu has been reportedly been working on being listed on the exchange platform for several months. The company has availed the underwriting service China International Capital Corporation [CICC], one of the leading investment banking firms in China, for the same purpose.

Sylvain Ribes, a Twitterati says:

“This seems like an extremely low valuation for a company that supposedly reported $1b profit on Q1, even when discounting future earnings due to Bitcoin crashing”

Yang Ventures says:

“$14 billion. 🙂 I’m a small LP in a fund that invested in Bitmain.”

Bitmain raised around $400 million in their Series B funding round. The Series A funding round investors included a venture capital firm, Sequoia Capital China, a United States Hedge Fund, Coatue and an investment fund, EDBI. The company raised over $50 million in its Series A funding round.

The company has been seeing a steady rise in profit over the past 6 months. The leading ASIC mining company made a profit of more than $1 billion in its Q1. The announcement of their first quarterly profit resulted in the re-emergence of the accusation that the company is involved in secret mining. However, the company had recently released four policies. The policy included zero-tolerance towards secret mining and claimed that they have never supported secret mining and will continue to abide by the policy even in the future.

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


Coinbase, HitBTC, WazirX report Cloudflare outage issues




Source: Unsplash

The world’s leading cryptocurrency exchange, Coinbase, reported experiencing intermittent access issues which was traced to a Cloudflare outage. In a blog post, Cloudflare reported that it observed network related issues on Monday morning.

The support team revealed that Cloudflare identified a potential “route leak” which affected some of its IP ranges, shortly after the news broke out on mainstream media. The issue was solved in less than two hours after the network responsible for the route leak was fixed, the official blog post said.

Around the same time, Indian cryptocurrency exchange, WazirX, also reported access issues across its website and apps. The affected companies also included HitBTC, the Hong Kong-based exchange which also reported difficulties in their web interface.

HitBTC noted,

“Half the internet is experiencing the same issues since the cloudflare and many internet routes appear to be down.”

After resolving the issue, Cloudflare, which is a US-based content delivery network service, stated,

“Traffic levels have returned to normal now that the route leak has been fixed. We are now marking this incident as resolved.”

Most of the affected sites showed an error which said, “Connection timed out.” Cloudflare has not revealed the name of the network involved as of yet. It is also unclear if all the affected websites had started operating normally. A myriad of websites including Overcast, Discord, WP Engine,  Sonassi, Feedly, Crunchyroll among many others that completely rely on web hosting or who partner with Cloudflare for their CDN service, were also affected.

The affected areas can be seen in the picture below.

Source: Cloudflare

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