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