MicroBT, one of China’s biggest mining rig manufacturers of mining equipment is preparing for an Initial Public Offering (IPO) this year in the U.S. Stock market. Founded in 2016, microBT is a relatively new player but the second-largest Bitcoin mining rig manufacturer in China.
The company has gained solid market share with its Whatsminer series, in a very short period of time. Last year in September 2020, microBT set-up its overseas factory to meet the rising demand from its non-Chinese clients. Chinese crypto blogger Colin Wu unveiled the news, however, hasn’t mentioned the timeline for the same.
Interestingly, the news also mentions that microBTC will be securing additional funding from the Korean tech giant Samsung, as per sources familiar with the matter. MicroBT’s founder Yang Zuoxing has previously served as the director of the crypto mining chip design division at Bitmain. He is also the brainchild behind the most powerful S9 mining chips from Bitmain.
Owing to the massive demand for crypto mining rigs, the Chinese blogger Wu estimates that microBT’s revenue in 2021 can shoot to $1 billion.
The Bitcoin mining activity has recently reached new record-highs are per the on-chain metrics. The data from BTC.com shows that the mining difficulty has set a new record high in 2021’s first adjustment. The mining difficulty has increased by 10.79% from its previous levels to 20.65 trillion.
On the other hand, the U.S. is slowly emerging as a favorable destination for BTC mining activity after the latest crackdown by Chinese authorities last year. Big crypto mining giants like Titan are preparing enterprise-grade Bitcoin mining pools in North America. Besides, other players like Marathon Group are aggressively acquiring new mining rigs as the demand increases.
Recently, Kentucky lawmakers have also proposed incentivizing Bitcoin miners by offering tax exemptions. This creates a favorable environment for Chinese players to step into the U.S. markets.