The world’s largest producer of cryptocurrency mining chips Bitmain Technologies intends to postpone the holding of a large-scale initial public offering in Hong Kong, becoming the last victim of the fall in Bitcoin prices.
On March 26th, the company reported that six months after filing an application for an IPO in order to raise about USD $3 billion it has expired. According to the listing rules in Hong Kong, applications expire six months after they are submitted.
In 2017 Bitcoin experienced amazing growth reaching a record high of USD $19,500 by the end of the year. Then investors feared a “speculative bubble,” and since then its value has dropped to USD $3,980 per unit after several months of volatile trading.
In this regard, the process of mining has become almost unprofitable.